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Alexkid · 09-02-2011, 01:53 PM

Stocks plunge after US hiring dries up in August
DANIEL WAGNER
(The Associated Press)

04:53:35PM (DST) Friday,September 2,2011.

NEW YORK (AP) — Stocks plunged Thursday after a dismal report on the job market renewed fears of another recession.

No jobs were added in the U.S. last month, the government said early Friday. It was the worst report in 11 months. The unemployment rate held steady at 9.1 percent. It has been above 9 percent in all but two months since May 2009.

"It's certainly ugly," said Jeff Kleintop, chief market strategist at LPL Financial. Kleintop said the report didn't change his view that the economy was headed for a stretch of weak economic growth, not a recession.

Treasury yields fell sharply and gold jumped $48 an ounce as cash flowed into investments seen as less risky than stocks. Overseas markets followed U.S. stocks lower. They were already lower on reports that talks between Greece and international lenders over that country's debt crisis were breaking down.

The Dow Jones industrial average dropped 260 points, or 2.3 percent, to 11,234 at 2:45 p.m. EST. All 30 stocks in the Dow fell. Bank of America Corp. fell the most, 8 percent.

The Standard & Poor's 500 index fell 30, or 2.5 percent, to 1,173. The Nasdaq composite index fell 72, or 2.8 percent, to 2,473.

The losses wiped out most of this week's gains. The Dow was flat for the week and the S&P 500 was up just 0.2 percent. Stock indexes rose last week for the first time in five weeks.

Volume was thin ahead of the holiday weekend. Stocks fell Thursday, breaking a four-day rally.

The weakness of the Labor Department's closely watched jobs report surprised investors. Previously reported job addition figures for June and July were also revised lower. The average work week declined and hourly earnings fell.

--------------------------------------------------------
This was the talk of the morning,no upward movement in hiring for August.
Heard this morning on a network news broadcast about movement in the job industry will improve in 2017.
Long way off. How can we wait ?

09-02-2011, 01:53 PM	#1
Alexkid Your World & Experience Join Date: Jan 2009 Location: Eastern Time Zone Posts: 6,859 Rep Power: 10	Stocks plunge after US hiring dries up in August Stocks plunge after US hiring dries up in August DANIEL WAGNER (The Associated Press) 04:53:35PM (DST) Friday,September 2,2011. NEW YORK (AP) — Stocks plunged Thursday after a dismal report on the job market renewed fears of another recession. No jobs were added in the U.S. last month, the government said early Friday. It was the worst report in 11 months. The unemployment rate held steady at 9.1 percent. It has been above 9 percent in all but two months since May 2009. "It's certainly ugly," said Jeff Kleintop, chief market strategist at LPL Financial. Kleintop said the report didn't change his view that the economy was headed for a stretch of weak economic growth, not a recession. Treasury yields fell sharply and gold jumped $48 an ounce as cash flowed into investments seen as less risky than stocks. Overseas markets followed U.S. stocks lower. They were already lower on reports that talks between Greece and international lenders over that country's debt crisis were breaking down. The Dow Jones industrial average dropped 260 points, or 2.3 percent, to 11,234 at 2:45 p.m. EST. All 30 stocks in the Dow fell. Bank of America Corp. fell the most, 8 percent. The Standard & Poor's 500 index fell 30, or 2.5 percent, to 1,173. The Nasdaq composite index fell 72, or 2.8 percent, to 2,473. The losses wiped out most of this week's gains. The Dow was flat for the week and the S&P 500 was up just 0.2 percent. Stock indexes rose last week for the first time in five weeks. Volume was thin ahead of the holiday weekend. Stocks fell Thursday, breaking a four-day rally. The weakness of the Labor Department's closely watched jobs report surprised investors. Previously reported job addition figures for June and July were also revised lower. The average work week declined and hourly earnings fell. -------------------------------------------------------- This was the talk of the morning,no upward movement in hiring for August. Heard this morning on a network news broadcast about movement in the job industry will improve in 2017. Long way off. How can we wait ? __________________ Yeah...Do That.

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