Dow +76.48 at 9241, Nasdaq -15.03 at 1968.26, S&P -7.17 at 995.53
[BRIEFING.COM] Wholesale inventories for June decreased 1.7%, which is a sharper decrease than the 0.9% decrease that had been widely expected. The previous figure was revised downward to reflect a 1.2% decrease. Inventories have fallen in each of the past 10 months.
Stocks had been chopping along in negative territory ahead of the report, but are now moving another leg lower in broad-based fashion. As such, all 10 major sectors in the S&P 500 are now in the red and the S&P 500 is back below 1000.
*during the Depression business inventories went up after WWII and that was because the world had blown up so many structures and towns that we needed to rebuild worldwide. Well, unless we are prepared to bulldoze the world supply of homes etc., and I have said in earlier posts that the government may be forced to do this if things stagnate for much longer, then inventories will decline all the way to zero, companies will default and the US will be worth junk status sooner than we think. the wars in IRAQ and AFGHANISTAN are not the same people, they are costing us $180b a year and we are getting nothing in return.