Disappointing jobs report sends stocks sliding

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Source: AP





Disappointing jobs report sends stocks sliding

Specialists look at their monitors as they work their posts at the New York Stock Exchange, Friday, June 4, 2010, in New York. The Dow Jones industria AP – Specialists look at their monitors as they work their posts at the New York Stock Exchange, Friday, June …
By STEPHEN BERNARD, AP Business Writer Stephen Bernard, Ap Business Writer – 1 hr 29 mins ago

NEW YORK – Stocks fell to their lowest level in four months Friday after the government said hiring remains weak and another European country warned its economy was in trouble.

The Dow Jones industrial average dropped 323 points to close below 10,000. It was the lowest finish since February and the third-worst slide of the year.

Major indexes all lost more than 3 percent. The drop pushed the market back into what's called a "correction," or a decline of at least 10 percent from its April high.

Interest rates slid after traders shoveled money into the safety of Treasurys and the dollar.

Retailers were among the hardest-hit stocks after investors bet that a weak job market would discourage consumers from spending. Macy's fell 6.5 percent. Financial stocks also fell sharply on concerns that borrowers would continue having problems paying their bills. Banks were hurt by more worries about their exposure to Europe's debt crisis. American Express lost 5.3 percent...................

Read more: http://news.yahoo.com/s/ap/20100604/ap_on_bi_st_ma_re/us_wall_street;_ylt=AngQnfJS4MURvkqKjAFgtiSs0NUE;_ylu=X3oDMTNmMG5wb291BGFzc2V0A2FwLzIwMTAwNjA0L3VzX3dhbGxfc3RyZWV0BGNjb2RlA21vc3Rwb3B1bGFyBGNwb3MDMgRwb3MDMTAEcHQDaG9tZV9jb2tlBHNlYwN5bl90b3Bfc3Rvcn

[wingnut40]

1. This doesn't help the recovery...

[ProudDad]

2. And you ain't seen nothing yet.

Wait until Peak Oil REALLY takes hold...

Don't you think it's time to dump the concept of "job" (laboring for profits for the slave master) and "Work" -- useful, proactive, fulfilling labor designed to enhance and uplift the community.

If people were paid for useful "Work" instead of wasteful "jobs" (like Wall St. is) it would be a much happier Earth.

On edit:

We are on a slide. This is just the beginning. Oh, there will be periods when more rapacious borrowing from the future will cause the curve to jump up and down but the industrial growth - capitalist model is DONE! Stick a fork in it...and about damn time...

I just hope it isn't too late for large air-breathers here on Mother Earth...

Power Down!

www.transitionus.org

[applegrove]

3. Canada created 25,000 jobs last month. The USA created 20,000 if you take out the census workers.

That is not good.