Market Overview

Stocks Battered by Recession Fears, Bank Selloff

Share:

(TheStreet) -- Stocks were being pummeled Friday on deepening fears of another recession following a government report that said American employers added no jobs in August and more bad news for the financial sector.

The Dow Jones Industrial Average was down almost 250 points earlier, but has eased off its session lows. The blue-chip was slumping 187 points, or 1.6%, at 11,306. The S&P 500 was down 22 points, or 1.8% at 1183, and the Nasdaq was losing 44 points, or 1.7%, at 2502.

The job market showed no growth for August, falling short of the 70,000-job increase economists had expected. Employers also added fewer positions in June and July than previously thought, the Labor Department said. About 85,000 workers were added in July, instead of 117,000. The unemployment rate was unchanged at 9.1% in August, as expected by economists surveyed by Thomson Reuters.

Continue reading the article.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News

 

Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Notable Put Options Activity in Boston Scientific

The Collateral Damage Of Unemployment