26-year-high jobless rate sends stocks reeling; Dow plunges 223

Associated Press • July 2, 2009 Major stock indexes sold off Thursday with the Dow Jones industrial average hitting its lowest level in six weeks after the government said the unemployment rate hit a 26-year high and employers cut more jobs than expected in June. The data was especially disappointing since it broke a trend of four consecutive months of declining job losses. The report delivered the latest blow to Wall Street's already waning confidence. Investor optimism has been shaken in recent weeks amid a barrage of mixed economic reports, making for an erratic market. Stocks rose Monday, then erased nearly all their gains Tuesday after a report showing an unexpected drop in consumer confidence. On Wednesday the market bounced back after getting some reassuring data on manufacturing and housing, only to tumble again... [read full story]                    

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