Stocks punished as dismal data on jobs dampens recovery hopes
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What's the opposite of a green shoot? Whatever it is, that's how investors saw today's worse-than-expected jobs figures. The news that June's unemployment rate reached 9.5 percent seemed to kill off a fair number of the economic saplings that bullish market commentators have been spotting everywhere for the past few months, sending the Dow Jones industrial average down 223 points
, or 2.6 percent, to 8,281.
), Travelers (TRV
) and JPMorgan (JPM
) all lost more than 4 percent to lead the DJIA lower. All 30 of the average's component stocks fell in today's session. Trading was light; markets are closed tomorrow in observance of Independence Day.
For more on stocks making moves, be sure to check out BloggingStocks' market wrap-up