Grim jobs news staggers stocks

As jobless rate hits a 26-year high, major market indexes fall in another blow to confidence. By Stephen Bernard and Ieva M. Augstums The Associated Press A trader reacts as he watches markets tumble Thursday at the New York Stock Exchange. Mixed economic reports have made for an erratic market. (Jin Lee, Bloomberg News ) NEW YORK — The stock market found little to celebrate heading into the long holiday weekend. Major stock indexes fell more than 2.6 percent 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 numbers were especially disappointing because they broke a trend of four straight months of improvement in job losses. The report — one of the most closely watched gauges of... [read full story]                    

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