Heavy volatility expected ahead of FOMC meeting. Wall Street got back to work on Tuesday following its summer vacation, looking forward to continuing the rally that stocks had staged over the previous two weeks and with hopes that the volatility of the past twoplus months was finally calming. But thanks to a mightily troubling jobs report, the Dow's two-week long winning streak came to an abrupt and screeching halt last week. And with it ended the optimistic hopes that the markets had weathered the worst of the credit market contagion that has roiled them throughout the summer. 'We're in for a very tough two weeks now as investors look ahead to the Fed's meeting and wring their hands over the economy,' said Joe Liro, chief equity market strategist at Stone & McCarthy. Last Friday's August jobs report showed the US economy suffering a loss of jobs that came out of nowhere: Instead of the consensus 100,000 jobs that economists were expecting, the actual figure showed 4,000 fewer non-farm employees on the payrolls, the first such decline in four years. (BT)

Market Overview

Market Summary USAAMERICASEUROPEASIACURRENCIES Major Market Indexes Industry Indexes International Indexes Sector Performance Rates DJIA 13,113.38    -249.97    -1.87% Nasdaq 2,565.70    -48.62    -1.86% S&P 500 1,453.55    -25.00    -1.69% Dow Util 485.23    -8.52    -1.73% NYSE 9,486.44    -151.11    -1.57% AMEX 2,242.14    -19.04    -0.84% Russell 2000 775.79    -17.13    -2.16% Semcond 492.95    -12.66    -2.50% Gold future 709.70    +5.10    +0.72% 30-Year Bond 4.69%    -0.10    -2.03% 10-Year Bond 4.37%    -0.13    -2.93%  Market Diaries Issues: NYSE Nasdaq Advancing  754  664 Declining  2,558  2,337 Unchanged  69  92 Total:  3,381  3,093 Issues at: 52-Week High  13  11 52-Week Low  44  51 Volume: Advancing  142,238,000  207,260,000 Declining  1,308,090,000  1,671,154,000 Unchanged  9,661,000  15,670,000 Total:  1,459,989,000  1,894,084,000 9/7/2007 4:20:00 PM Market Screener NYSENASDAQAMEXOTC Most Active by Volume on 9/7/2007 Symbol Last Change Volume IWM 77.73    -1.370 107.97M   GE 38.75    -0.650 44.96M   F 7.52    -0.260 44.29M   C 45.48    -0.180 40.57M   PFE 24.25    -0.360 36.07M   CFC 18.21    -0.270 35.22M   EMC 18.97    -0.420 34.52M   BAC 49.02    -0.770 32.84M   HD 34.21    -1.010 30.28M   MOT 17.13    -0.290 29.99M    Add symbols to My Portfolio More...

The Dow Jones industrial average ended down 249.97 points, or 1.87%, at 13,113.38. The Standard & Poor's 500 Index was down 25 points, or 1.69%, at 1,453.55. The Nasdaq Composite Index closed 48.62 points lower, or 1.86%, at 2,565.70.

Business Week CNN:

Light at the End of the Subprime Tunnel

The Mortgage Bankers Assn.'s new numbers are grim, but the group's chief economist says a recovery, though delayed, is in sight

Henry Paulson : Temp blip in job loss but believe will bounce back next month

Greenspan: We've seen this turmoil before

Report: Economic bubbles can't be defused through interest rate adjustments, he suggests in speech.

Countrywide plans to slash up to 12,000 jobs

The mortgage lender also says loan originations will be 25% lower in 2008.

See what I mean about these Americans???!!!

Of all times, now they report slashing so many heads - rubbing salt into the wound right?

Now, see what Ben has to say on the 18th this month.

Stocks slammed on jobs report

Dow, Nasdaq and S&P all tank after weak employment number raises worries about the economy; bond prices surge; dollar plummets.