Markets start June with a jolt: Dow down 140 at the open
New York, N.Y., United States (4E) – Stocks on Wall Street plunged on the open Friday after May’s job report came in much weaker than expected.
Right after the opening bell, the Dow Jones Industrial Average tumbled 140 points, the Standard & Poor’s 500 Index ticked down 16 points and the NASDAQ sank 40.
The Labor Department report showed only 69,000 jobs were added last month, well below the 150,000 economists had forecast. The lackluster report put investors on edge and cast a doubt on the strength of the U.S. economy and recovery.
Also weighing on United States equities was data showing weakness in Chinese manufacturing and a report revealing eurozone unemployment reached a record high of 11 percent.
Spain’s ability to fund bank bailouts is also giving investors the jitters.
In world markets, Asia ended the day mixed while European stocks were trending lower in afternoon trading.
In currencies and commodities, the dollar gained ground against the euro and British pound but fell against the Japanese yen.
Oil for July delivery continued to slide, losing $2.40 to $84.13 a barrel.
Gold futures for August delivery sank $12.00 to $1,552.20 an ounce.