Stocks tank on new jobless data worldwide

IEVA M. AUGSTUMS, STEPHEN BERNARD | AP Business Writers NEW YORK (AP) — A dour report on job losses in June sent stocks sharply lower Thursday. Major stock indexes fell about 2 percent after the U.S. unemployment rate hit a 26-year high. European markets also dropped following similarly disappointing data on unemployment in the 16 countries that use the euro currency. As investors sold off stocks amid fresh concerns about the economy, they moved into the safety of bonds, pushing Treasury yields lower. Recession-weary employers in the U.S. slashed 467,000 jobs in June, the Labor Department reported, far worse than the 363,000 that economists expected and a grim signal that the path to recovery will be bumpy. The jobless rate rose to 9.5 percent from 9.4 percent in May. The report — one of the most closely watched economic... [read full story]                    

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