Skip to comments.Stocks hammered by dismal jobs report
Posted on 09/02/2011 1:08:43 PM PDT by Signalman
NEW YORK (CNNMoney) -- Stocks remained sharply lower Friday afternoon, after a government report showing no job growth in August stoked fears that the U.S. may be headed into another recession.
With an hour remaining in the trading day, the Dow Jones industrial average (INDU) was down 266 points, or 2.3%, with financial stocks leading the sell-off. Bank of America (BAC, Fortune 500) fell 8.5%, and JPMorgan Chase (JPM, Fortune 500) shed more than 4%.
The selling was broad, with all of the 30 Dow issues firmly in the red. And just a handful of S&P 500 stocks showed slight gains, including Newmont Mining (NEM, Fortune 500) and Supervalu (SVU, Fortune 500).
The S&P 500 (SPX) lost 32 points, or 2.7%, and the tech-heavy Nasdaq Composite (COMP) dropped 74 points, or 2.9%.
All three indexes are on pace to post their worst one-day percentage loss in more than two weeks.
(Excerpt) Read more at money.cnn.com ...
Heading into another recession? What’s wrong with these morons? We’ve never gotten out of the one we’ve been in since Obama took over. In fact, we’re in a depression as bad as the 1930s. The MSM is covering up the true depths of the economic mess we’re in. I like Reagan’s definition—a recession is when your neighbor loses his job; a depression is when you lose yours; and a recovery is when Obama loses his.
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