3 Jul 2009

Wall St sinks on bleak jobs report

9:28 am on 3 July 2009

Stocks in the United States tumbled on Thursday, after 467,000 jobs were cut in June. Most sectors of the markets were affected.

The unemployment rate is now 9.5% - the highest in nearly 26 years.

Data showing factory orders were better than expected in May was overshadowed by the bleak news on the labour market.

The Dow Jones industrial average dropped 223.32 points, or 2.63%, to 8,280.74.

Standard & Poor's 500 Index slid 26.91 points, or 2.91%, to 896.42. The Nasdaq Composite Index sank 49.20 points, or 2.67%, to 1,796.52.

Light volume accentuated the sell-off. In addition, the New York Stock Exchange was hit by electronic glitches that affected orders originating from the trading floor.

The NYSE extended its regular close from 2000 GMT to 2015 GMT to execute orders affected by the problem.

US financial markets will be closed on Friday for the Independence Day holiday: with 4 July falls on Saturday this year.