Stocks Fall on Fresh Fears of US Slowdown

U.S. stocks fell more than 1% for the second straight session on Wednesday, hitting a fresh one-month low, as September’s weak private payrolls report added to concerns of a slowdown in the world’s largest economy.

U.S. private employers hired fewer-than-expected workers in September, the ADP National Employment Report showed, pointing to weakness in the labor market.

The report, a precursor to the Labor Department’s more comprehensive jobs report due on Friday, followed a contraction in U.S. manufacturing activity to its lowest level in more than a decade.

That hit investor faith in the strength of the domestic economy, a key reason for a rally in the benchmark index this year, wiping off the third-quarter gains on the S&P 500 .SPX and Dow .DJI.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza