6:08 am May 7, 2010, by Henry Unger
Around 2:30 p.m. Thursday, Jim Grissett could hardly put a sentence together, writes AJC reporter Michelle Shaw. He was on the phone with Shaw when his train of thought was shattered. The usually well-spoken Grissett, an Emory adjunct professor, began fumbling for words.
“Oh my goodness,” he said. “Oh my goodness.”
Grissett, principal of Atlanta-based investment company the Parthenon Group, saw something disturbing on his Bloomberg machine, Shaw writes. The Dow had suddenly cratered, falling 999 points. Grissett and his computers were freaking out.
“I felt like my worst fears were being realized,” he said.
They may have been for a little while, but the Dow managed to rebound, closing down nearly 348 points.
But what happens today? Another wild ride?
The national unemployment figures, which come out at 8:30 a.m., will play a key role in determining the direction of the stock market.
The market does not like uncertainty, and investors are hoping that there are not surprises — on the down side — in the government’s announcement today.
Economists are expecting about 187,000 new jobs to be announced, with the unemployment rate staying at 9.7 percent.
Climbing into the numbers will be important to determine how many of the new jobs are temporary ones created for the census, compared with private sector hiring.
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