Bad Jobs Report Leads To Bad Day On Wall Street: Acadiana Business Index
Wall Street trades sharply lower after a dismal jobs report and the Dow falls over 250 points. Mark Lasseigne gives you the market report.
- Dow Jones Industrial Average dropped 253 points to 11,240.
Markets plunged after the government reported that there were no additions to US payrolls in August, while the unemployment rate remained stuck at 9.1%.
Financial stocks led the retreat, after reports that the U.S. government is preparing to sue some of the nation's largest banks. The U.S. Federal Housing Finance Agency is focused on "private label" securities based on subprime and other risky loans that were originated by mortgage companies, packaged by Wall Street firms, and then sold to investors.
Crude closed lower at $86.45 a barrel, as concerns over a stagnating economy trumped worries over a tropical storm Lee disrupting oil output in the Gulf of Mexico.
And gold rallied to settle at $1,877/ounce.