Via Bloomberg:
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.
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.
Commodities slid and Treasuries rallied as lower-than-forecast American job growth and a widening government debt crisis fueled concern the global economic recovery will slow. Hungary’s currency, equities and bonds plummeted.
Oil fell 4.2 percent to $71.51 a barrel, while tin sank 9.5 percent to lead declines in metals. Ten-year Treasury yields decreased 17 basis points to 3.2 percent. The euro slid below $1.20 for the first time since March 2006 and the yen climbed against all 16 major counterparts. The Forint declined to an almost 15-month low against the dollar on concern Hungary may default.
It's really impressive to see the immediate effect of the jobs report that shakes the stock market.
Liz Liu
Summer Analyst
Analyze Capital LLC
e-mail: analyzecapital@gmail.com
You think there is a strong correlation between jobs numbers and the SPX?
ReplyDeleteYou think sentiment about the economy really carried through to the equity markets?