September 05, 2008
US STOCKS-Wall St drops as weak jobs data sparks anxiety
ReutersNEW YORK (Reuters) - U.S. stocks opened lowerFriday after a government report showed the U.S. labor marketdeteriorated further in August, pushing the unemployment rateto its highest level in nearly five years.
The news of the unemployment rate climbing to 6.1 percentlast month from 5.7 percent in July painted a bleak picture forthe economy and the outlook for profit growth, and fueled asell-off in Europe.
The Dow Jones industrial average was down 41.60points, or 0.37 percent, at 11,146.63. The Standard & Poor's500 Index was down 5.83 points, or 0.47 percent, at1,231.00. The Nasdaq Composite Index was down 14.13points, or 0.63 percent, at 2,244.91.
(Reporting by Steven C. Johnson; Editing by Kenneth Barry)