XCSFDHG46767FHJHJF
dow2664 The market closed Friday with all the major market indexes posting steep losses. The Dow plunged 253.31 points or 2.20% to 11,240.26. The Nasdaq dropped 65.71 points or 2.58% to 2,480.3. The S&P 500 lost 30.45 points or 2.53% to 1,173.97. Stocks dropped on Friday after the Labor Department reported a net jobs change of zero for the month of August. The report also indicated the unemployment rate remained unchanged at 9.1%. Economists anticipated the economy would add 75,000 jobs for the month and the weakness in the labor market has increased concerns that the economy may be headed toward a recession. Economists report that the drop in employment should not come as a total surprise since the month started out on a bad note. August began with a Standard & Poor’s credit rating downgrade for the U.S.,then the focus shifted to the heated debate taking place in Congress over the debt ceiling and throughout it all a highly volatile stock market fluctuated wildly with the changes in sentiment. Commodities such as precious metals made considerable gains with the turmoil that evolved. The plunge in the market on Friday sent many investors seeking the safety of gold and U.S. treasuries. Gold prices soared 2.6% or $47.80 to $1876.90 an ounce. Author: Pamela Frost
No comments:
Post a Comment