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Wall St falls 2 pct on labor, economic gloom
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Sep 04, 2008 10:52am |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Thursday, September 4, 2008 04:00:00 PM UTC0:0 |
| Description | Reuters
Thursday, September 4, 2008; 11:39 AM
NEW YORK (Reuters) - Stocks slid on Thursday, pushing major indexes down 2 percent, as economic reports pointing to a worsening labor market sparked concern about the outlook for corporate profits.
Labor market jitters were sparked by a weekly government report showing an unexpected jump in the number of filings for jobless benefits and by a report by ADP Employer Services showing U.S. private employers slashed 33,000 jobs in August.
The economic data made investors nervous a day before the all-important release of the government's August non-farm payrolls report. Generally lackluster August retail sales were another headwind, along with news showing that sluggish growth was emerging abroad.
Top drags included shares of economic bellwethers such as Caterpillar Inc (CAT.N), down more than 5 percent at $63.98, and Boeing (BA.N), whose stock slid nearly 4 percent after the plane maker's largest labor union said its members had rejected the company's contract offer and voted to strike. |
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