Stock Futures Down as Jobless Claims Hit 16-Year-High

The Labor Department revealed that the "number of U.S. workers filing new claims for jobless benefits rose by a larger than expected 27,000 last week to their high level in 16 years," according to CNBC. Also: "The four-week moving average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, rose to 506,500 from 490,750 the week before, the highest since the start of 1983." Stocks are slumping after the Dow fell under 8,000 yesterday and diminished hopes for an auto industry bailout. An Oslo-based fund manager told Bloomberg News, "We're seeing a total collapse of trust in everything fundamental. There are no buyers in sight. This year will go down in history."