Two glaring signs that the economy remains in a deep slump sent stocks reeling Thursday. News that unemployment claims reached a record high and that new home sales hit a record low, forced the major stock indexes to give back all of Wednesday's gains, and then some. The Dow Jones industrial average sank 226 points, or 2.7 percent, while other indicators tumbled more than 3 percent.
You can drive through our town and see all the For Sale signs sitting almost under snow and nothing is moving. People want to sell their older homes and buy the beautiful new ones that are already built here and ready to move into near the high school. People are watching their 401k funds shrink almost daily and it looks really bad, especially if you are nearing retirement. Local employers have been laying off or cutting hours so much it has really hurt the economy here too.
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