U.S. stocks sank, with the Standard & Poor’s 500 Index falling to its lowest level in four months, as slower-than-estimated jobs growth spurred concern the economic recovery may not be as robust as forecast.
Caterpillar Inc. and American Express Co. tumbled at least 5 percent after a government report showed employers in the U.S. hired fewer workers in May than forecast and Americans dropped out of the labor force. Chevron Corp. and Alcoa Inc. dropped more than 3.5 percent to lead commodities producers lower as oil fell to $71.40 a barrel and industrial metal prices plunged. Wal-Mart Stores Inc. fell 2.6 percent after saying gasoline prices and unemployment hurt traffic at U.S. stores.
The S&P 500 Index declined 3.4 percent to 1,064.88 at 4 p.m. in New York, as 497 of its 500 stocks slid. It was the biggest drop on the day of the U.S. Labor Department’s monthly jobs report since at least 1998, according to data compiled by Bespoke Investment Group LLC. The Dow Jones Industrial Average sank 324.06 points, or 3.2 percent, to 9,931.22. All 30 of its components retreated.
(Source: Bloomberg News)
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3 Responses
My gut tells me that this is a good thing for us. Hashem is paving the way for something big. Stay tuned.
#1 I wish I had the same amount (or more) of Bitcahon as you.
hereorthere, it says that part of the “Birth Pangs of the Messiah” will be poor economic conditions. May this hasten the coming of Moshiach. Amen!