Thanks Barack… Market Takes Another Nosedive After Dismal Jobs Report
The dropped another 200 points today following the weak jobs report.
The Street reported:
Stocks extended losses Friday after the previous session’s rout as investors remained concerned about stagnant economic growth despite signs that the U.S. labor market is improving.
The Dow Jones Industrial Average was down by 186 points, or 1.6% , at 11,196. The S&P 500 was lower by 26.2 points, or 2.1% , at 1173, and the Nasdaq was off by 79.1 points, or 3.1% , at 2477.
Signs of improvement in the jobs market helped stocks regain some ground earlier after plummeting roughly 5% on Thursday but it wasn’t enough to negate continued ambiguity on how Europe will prevent its debt crisis from spreading to Italy and Spain.
“Be careful,” warned RealMoney contributor Rev Shark in a recent blog post. “We still have plenty of landmines to navigate, and the jobs report isn’t going to make them go away.”
The Labor Department said the U.S. economy added 117,000 jobs in July, exceeding the growth of 84,000 that economists had been expecting, according to Briefing.com. Additionally, June’s payroll additions were upwardly revised to 46,000 from an initially reported increase of 18,000. Companies added 154,000 payrolls in July, surpassing forecasts for growth of 100,000 and the unemployment rate fell to 9.1% , from 9.2% in June.
UPDATE: The Dow finished 60 points up on the day.