US stocks plunge on dismal job figures
July 3rd, 2009 - 11:18 am ICT by IANS
New York, July 3 (DPA) US stocks plunged Thursday after worse-than-expected monthly jobless figures suggested the country’s worst recession since the 1930s is still going strong.
The dismal trading session capped a shortened week on Wall Street. US markets will be closed Friday ahead of US Independence Day celebrations July 4.
The US economy shed 467,000 jobs in June, and the jobless rate climbed to 9.5 percent, its highest level since 1983, the US Labour Department reported. Economists had predicted 365,000 jobs would be lost, hoping June would mirror a dramatic improvement in May.
President Barack Obama called it a “sobering” sign that the country’s deep recession is not over.
“While there are continuing signs that the recession is slowing, obviously this is little comfort to all those Americans who have lost their jobs,” Obama said in Washington.
The US economy has now lost 6.5 million jobs since a deep recession began in December 2007, the worst 18-month stretch since 1939.
The blue-chip Dow Jones Industrial Average tumbled 223.32 points, or 2.63 percent, to 8,280.74. The Standard & Poor’s 500 Index slumped 26.91 points, or 2.91 percent, to 896.42. The technology-heavy Nasdaq Composite Index plummeted 49.2 points, or 2.67 percent, to 1,796.52.
The US currency rose against the euro to 71.43 euro cents from 70.67 euro cents on Wednesday. The dollar fell against the Japanese currency to 95.91 yen from 96.64 yen.
- US stocks fall sharply amid fears of more job losses - Feb 05, 2010
- US jobless claims at lowest level in four years - Feb 17, 2012
- US stocks stay low for straight day - Dec 15, 2011
- Unemployment rate highest in nine years in Italy - Apr 03, 2012
- US stocks rise after completing best quarter since 2003 - Jul 02, 2009
- Unemployment hits 8-year high in Italy - Mar 02, 2012
- US stocks drop sharply on slumping home sales - Oct 29, 2009
- US unemployment rate remains at 9.1 percent - Oct 08, 2011
- India's forex reserves rise by $758.3 million - May 05, 2012
- US stocks improve for fifth straight day - Sep 11, 2009
- Wall Street stocks close first week of 2010 higher - Jan 09, 2010
- US stocks tumble amid conflicting economic news - Sep 25, 2009
- US stocks drop on global economic concerns (Lead) - Mar 23, 2012
- US stocks edge higher amid Greek hope (Lead) - Feb 10, 2012
- New US jobless claims rise - Dec 30, 2011
Tags: 1930s, barack obama, blue chip, dow jones, dow jones industrial, dow jones industrial average, dramatic improvement, independence day celebrations, independence day celebrations july 4, japanese currency, jobless figures, jobless rate, nasdaq composite index, plunge, recession, s 500, trading session, us currency, us labour department, yen