Friday, July 8, 2011

Stocks tumble on weak jobs growth

NEW YORK (MarketWatch) — U.S. stocks slumped on Friday after a disappointing government jobs report prompted investors to dial back recent optimism about the economic recovery. The Dow Jones Industrial Average was down 118 points, or 0.9%, to 12,601 in midday trade. General Electric led the blue-chip average lower, dropping 2.1%, while Bank of America declined 2% and Caterpillar fell 1.9%. The Standard & Poor’s 500-stock index shed 15 points, or 1.1%, to 1,338, as industrial, financial and consumer discretionary stocks struggled. All 10 of the S&P 500’s sectors traded in negative territory.


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