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U.S. stocks pressured by jump in unemployment
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| Contributor | Ashley |
| Last Edited | Ashley Jan 04, 2008 02:28pm |
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| Category | News |
| News Date | Friday, January 4, 2008 07:30:00 PM UTC0:0 |
| Description | Weakest monthly jobs growth in more than four years sparks talk of recession
NEW YORK (MarketWatch) -- U.S. stocks on Friday sank for a third time this week, with the major indexes readying for weekly drops of more than 3%, after a jump in the jobless rate to 5% in December signaled broader troubles for the economy.
"That stink you may smell was the jobs number; the December employment report failed at almost all levels to convince traders that the U.S. economy isn't headed for a recession," said Kevin Giddis, managing director, fixed income trading, Morgan Keegan & Co.
"Since 1949, the unemployment rate has never risen by this magnitude without the economy being in recession," said John Ryding, chief U.S. economist, Bear Stearns.
The Dow Jones Industrial Average was off 197.8 points, or 1.5%, at 12,859, with 26 of the blue-chip index's components trading lower, positioning it for a weekly fall of 3.8%. |
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