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Dow falls under 12,000 - a 17-month low - as job losses roil Wall St.
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 2 years 13 days ago (breitbart.com). Views: 125
Tags: housing bubble wall street jobs |
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Wall Street was roiled by a bleak US jobs survey Friday which pushed the Dow Jones Industrial Average stock index to a 17-month low below 12,000 points amid growing recession fears.
The selloff occurred after a Labor Department report showed US employers cut 63,000 positions in February, marking the biggest monthly loss in nonfarm payrolls in five years.
The Dow tumbled 145.23 points (1.21 percent) to 11,893.69, slumping to its lowest close since October 11, 2006.
The tech-dominated Nasdaq composite shed a lesser 8.01 points (0.36 percent) to 2,212.49 and the Standard & Poor's 500 broad-market index closed down 10.97 points (0.84 percent) at 1,293.37.
Traders blamed the market decline on the weak job report which renewed concerns the US economy could be on the verge of a recession, although some analysts believe the economy is already in a downturn.
US stock markets have fallen heavily in recent months in reaction to an ongoing housing market downturn, a widespread credit crunch and rocketing oil prices which hit a record 106.54 dollars per barrel Friday.
Job losses can now also be added firmly to that mix.
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