Wall Street began June with its fifth straight week of losses,which is not surprising in that,historically,June has been a poor month for the stock market.Remarkably,all three major averages were down 2.3 on the week,as though giving a unanimous thumbs down to working at vacation time.
A gravely disappointing employment report got Friday off to a miserable start,with only 54,000 jobs being created in May,steeply down from April's 231,000.Labor Secretary Hilda Solis admitted that it does keep her up at night,because she knows that they have to do a better job at creating jobs.
Earlier in the week,the Institute for Supply Management issued its manufacturing survey,which also indicated a serious slowdown from April's readings.Manufacturing activity tumbled from 60.4 to 53.5 in May,and new orders followed suit,dropping from 61.7 to 51.0.Readings above 50 in the highly regarded report signify expansion.
Residents of Massachusetts waged their own struggle as they regrouped following a fatal tornado on Wednesday.The half-mile wide storm ripped through the communities of Springfield and Monson,killing four and sending a debris ball up to a height of 6,000 feet.At high elevations in the Rockies,winter weather advisories are posted for the Sierra Nevada and Cascade ranges,where late spring snow could total up to 7 inches.
The Toronto Blue Jays did not have to struggle as they clipped the Baltimore Orioles 8-4 Friday night in Baltimore.The win put the Jays above .500 again.The teams smacked 10 hits each,but the Orioles were also charged with an error.The Blue Jays' J.P. Arencibia hit a grand slam homer in the fifth inning and starting pitcher Carlos Villanueva climbed to a 3-0 record after having been promoted from the bullpen.
A relatively light data week is ahead for Wall Street,with the Federal Reserve's anecdotal Beige Book report slated for release,as is the World Bank's World Economic Outlook.The S&P futures lost 16.10 Friday evening,while bond index futures rose.
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