Market Overview

Stocks Battered by Recession Fears, Bank Selloff


(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.

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Posted-In: News


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