Stocks Started with Steep Loss after Jobs Data

U.S. stocks started with more than 1% losses on Friday after the government reported that the economy created many fewer jobs than expected in May. The Dow Jones Industrial Average lately fell 181.34 points, or 1.46%, to 12,212.11. The S&P 500 lost 21.50 points, or 1.64%, to 1,288.83. The Nasdaq Composite fell 48.69 points, or 1.72% to 2,778.65.

The U.S. added just 69,000 jobs in May, the smallest increase in a year, the government reported Friday. Economists surveyed by MarketWatch expected a 165,000 increase. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

U.S. light crude oil fell more than $3 per barrel on Friday in a general market sell-off as poor U.S. jobs data followed weak Chinese figures to deepen worries over the prospects for global economic growth. U.S. crude futures for July fell to a low of $82.56, down $3.97, before recovering a little to around $82.90 by 8:38 a.m. EDT

Chrysler’s U.S. sales jumped 30 percent last month, a sign that Americans remain determined to replace their aging cars despite the falling stock market and shaky consumer confidence. The company said it sold more than 150,000 cars and trucks in May, compared with 115,000 in the same month a year earlier. Chrysler brand sales rose 80 percent, while Jeep sales increased 24 percent.

About the Author

has written 15682 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks