Jobless data sends US stocks reeling

Friday, July 03, 2009 (New York) The stock market found little to celebrate heading into the long holiday weekend. Major stock indexes fell more than 2.6 percent on Thursday, pushing the Dow Jones industrials to their lowest level in six weeks, after the government said the unemployment rate hit a 26-year high and employers cut far more jobs than expected. The data was especially disappointing since it broke a trend of four straight months of improvement in job losses. The report — one of the most closely watched gauges of the economy's health — delivered the latest blow to the market's already waning confidence. Investor optimism has been shaken in recent weeks amid a barrage of mixed economic reports, making for an erratic market. This past week was no exception. Stocks rose Monday, then erased nearly all their gains the... [read full story]                    

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