Todays tone was set by this mornings adp labor report. The private sector added 212,000 jobs in february. Not bad but fewer than expected. Service sector activity edged up last month but wasnt enough to get investors excited about stocks. By the close, the Dow Jones Industrials sank 106 to 18,096. Nasdaq fell nearly 13 and the s p off 9 points. Steve liesman has more on todays reports and the state of the american economy. Reporter neither severe Winter Weather nor west coast port shutdowns or layoffs from Lower Oil Prices kept from the rounds of moderate and steady growth. The Federal Reserves socalled beige book the collection of economic anecdotes from the district was full of troubles plaguing the u. S. Economy but concluded the growth keeps chugging along. Consumer Spending Continues to rise and retailers are optimistic about the months ahead. Job gains reported across a broad range of industries. There are certainly going to be weather in all of this but as we look at whats more
Call it 50 shades of ugly. Not just here in the u. S. But around the globe. The dough jones industrial average suffered a 332 point loss to close at 17,662. Its second worst day of the year. The gains of the year so far, gone. The nasdaq off 82. The s p 500 dropping 35. Those declines amounted to 1. 7 or more. Big part of the problem today, the strengthening dollar. The greenback rising 1. 1 to a 12 year high against the euro and theres a powerful force driving the dollars dramatic move. Diverting Central Bank Policy as the u. S. Economy strengthens, the Federal Reserve is expected to hike rates as soon as june. That pulls investment slows into the u. S. Other way. Buying bonds, flooding the market with euros, thereby devaluing the currency with stimulating europes economy. Thats the mechanism. And the dollar isnt just rallying against the euro. Its seeing strong gains against a handful of other major currencies including the yen, the pound, the swiss frank and the russian ruble. More
Call it 50 shades of ugly. Not just here in the u. S. But around the globe. The dough jones industrial average suffered a 332 point loss to close at 17,662. Its second worst day of the year. The gains of the year so far, gone. The nasdaq off 82. The s p 500 dropping 35. Those declines amounted to 1. 7 or more. Big part of the problem today, the strengthening dollar. The greenback rising 1. 1 to a 12 year high against the euro and theres a powerful force driving the dollars dramatic move. Diverting Central Bank Policy as the u. S. Economy strengthens, the Federal Reserve is expected to hike rates as soon as june. That pulls investment slows into the u. S. Other way. Buying bonds, flooding the market with euros, thereby devaluing the currency with stimulating europes economy. Thats the mechanism. And the dollar isnt just rallying against the euro. Its seeing strong gains against a handful of other major currencies including the yen, the pound, the swiss frank and the russian ruble. More
Reported. Of course amtrak releasing a statement just moments ago letting everyone know that as this investigation is under way there are of course a lot of people who are worried about friends and family members who may have been on that train so they have set up a special 1800 number for anyone who has any questions or concerns. We have that for you right at the bottom of your screen and also on 6abc. Com where we will, of course, continue to follow this story. Back to you guys in the studio. Alicia thanks very much. As we mentioned that train was due in philadelphia in just a few hours. Kenneth moton continues our coverage right now with reaction from 30th street station this afternoon. Kenneth. Reporter well, brian we just spoke with amtrak passengers just moments ago. Theyre starting to hear the news of this crash and derailment. Its definitely on their minds. Take a look at this video. There are no visible signs of any problems inside 30th street station, no disruptions for other
[thumping from trunk] ron there we go. Hey [thumping] help. Tonight on rock center, apples new leader tim cook gives his First Television interview since the death of steve jobs. Tonight, he talks about the final gift from the founder. He responds to apples critics, why cant you be a made in America Company . And hints about what may be the next big thing. Were living the jetsons with this. When you turn on the Tv Television is still television. Also tonight, the conversation every family should have, the decision faced by every family. So why do so many get it wrong and regret it . Harry smith gives us a very intimate look inside one place where theyre trying to change that. Give me as much time as i can get. But keep me comfortable. Also tonight, ann curry travels to new zealand to visit film director Peter Jackson. Can his hotly anticipated new movie the hobbit possibly live up to the lord of the rings . One of my favorite characters. Ann goes inside his magical world. Now were real