The stock market found little to celebrate heading into the long holiday weekend. Major stock indexes fell more than 2.6% Thursday, pushing the Dow Jones industrials to their lowest level in six weeks, after the governmentsaid the unemployment rate hit a 26-year high and employers cut far more jobs than expected. The data was especially disappointing since it broke a trend of four straight months of improvement in job losses. The report — one of the most closely watched gauges of the economy's health — delivered the latest blow to the market's already waning confidence. Investor optimism has been shaken in recent weeks amid a barrage of mixed economic reports, making for an erratic market. (Financial Daily)
Jobless Data Sends Stocks Reeling; Dow Loses 223
The stock market found little to celebrate heading into the long holiday weekend. Major stock indexes fell more than 2.6% Thursday, pushing the Dow Jones industrials to their lowest level in six weeks, after the governmentsaid the unemployment rate hit a 26-year high and employers cut far more jobs than expected. The data was especially disappointing since it broke a trend of four straight months of improvement in job losses. The report — one of the most closely watched gauges of the economy's health — delivered the latest blow to the market's already waning confidence. Investor optimism has been shaken in recent weeks amid a barrage of mixed economic reports, making for an erratic market. (Financial Daily)