Thursday, February 4, 2010
NEW YORK (CNNMoney.com) — Stocks slumped Thursday after a rise in weekly jobless claims sent an alarm ahead of the big monthly employment report.
The dollar’s surge versus the euro pummeled dollar-traded commodities, while Treasury bond prices spiked, lowering corresponding yields, in a classic flight-to-safety move.
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The Dow Jones industrial average (INDU) lost 215 points, or 2.1%, with under 3 hours left in the session. The S&P 500 index (SPX) fell 27 points, or 2.4%. The Nasdaq composite (COMP) fell 50 points, or 2.3%. All three major indexes were flirting with fresh two- to three-month lows.
“The market is turning its attention to the jobs data and it doesn’t like what it’s seeing,” said Matt King, chief investment officer at Bell Investment Advisors.
This article was posted: Thursday, February 4, 2010 at 1:26 pm