Fri, June 04, 2010
Business > Markets

US stocks off sharply after disappointing jobs report

2010-06-04 15:54:23 GMT2010-06-04 23:54:23 (Beijing Time)

Investors have gone back to selling stocks after the Labor Department's disappointing news that hiring remains weak. Interest rates are falling sharply as investors move their money into the safety of Treasury bonds and notes.

The Dow Jones industrial average is down more than 200 points.

The government's May jobs report was an unpleasant surprise for the market. The Labor Department says private employers hired just 41,000 jobs in May, down dramatically from 218,000 in April and the lowest number since January.

The Dow is down 208.21, or 2 percent, at 10,047.07. The Standard & Poor's 500 index is down 21.09, or 1.9 percent, at 1,081.74, while the Nasdaq composite index is down 40.67, or 1.8 percent, at 2,262.36.


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