W YORK: Wall Street stocks plunged on Friday after a weak jobs report raised
questions about the strength of the US economic recovery, with losses
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gaining steam late in the session.
The Dow Jones Industrial Average tumbled 319.75 points (3.12 percent) to
9,938.47 at 1855 GMT, solidly below the psychologically sensitive 10,000
level.
The tech-rich Nasdaq index dropped 79.39 points (3.45 percent) to 2,223.64
and the S&P 500 index, a broad measure of the market, shed a hefty 36.55
points (3.31 percent) at 1,066.28.
The Labor Department's keenly anticipated May jobs report proved a major
disappointment.
The economy created 431,000 nonfarm jobs in May -- the vast majority due to
temporary government hiring for this year's census. Most experts had
expected 500,000 payrolls would be added.
More worrying, analysts said, was the private sector accounting for only
41,000 new jobs, about a fifth of the consensus forecast.
The unemployment rate slipped to 9.7 percent from 9.9 percent in April as
the labor force contracted.
"The May numbers are now a sobering reminder of the depth and severity of
the labor market decline of the past two years and the lingering obstacles
to growth," said Sophia Koropeckyi at Moody's Economy.com.
http://economictimes.indiatimes.com/markets/global-markets/US-stocks-plunge-Dow-down-over-3-percent/articleshow/6012934.cms
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