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The Associated Press: Dismal jobs report sends Dow into 275-point diveAlarmed by an ominously weak U.S. jobs report, investors ran for safety Friday from new worries about a global slowdown, sending the Dow Jones industrial average to its biggest loss since November.
The nearly 275-point dive wiped out the last of the index's gains for the year.
Across Wall Street, fearful investors snapped up safer investments such as bonds, dragging the yield on the benchmark 10-year Treasury note to a record low. Gold spiked $50 an ounce, and oil fell to its lowest since October.
"The big worry now is that this economic slowdown is widening and accelerating," said Sam Stovall, chief equity strategist at S&P Capital IQ, a market research firm.
The Standard & Poor's 500 index and Nasdaq composite index both fell more than 2 percent. The Nasdaq has dropped more than 10 percent since its peak — what traders call a market correction. And the S&P 500 is just a point above correction territory.
American employers added just 69,000 jobs in May, the fewest in a year, and the unemployment rate increased to 8.2 percent from 8.1 percent. Economists had forecast a gain of 158,000 jobs.
Obama's flood the basement economic polices have turned into Obama's trickle up poverty. Again as we see jobs numbers are very weak and much less than expected--and at a time--the beginning of summer--when typically this is the time of the year when job growth is at it's strongest. Unemployment ROSE to 8.2% in May 2012.
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