Stocks Crushed on Employment Data
Stocks Crushed on Employment DataStocks Crushed on Employment Data
By Nat Worden
TheStreet.com Staff Reporter
8/6/2004 11:39 AM EDT
Updated from 9:58 a.m. EDT
Selling continued Friday, with stocks falling to new lows for 2004, after the government's employment report for July came in well below expectations.
The Dow Jones Industrial Average lost 76 points, or 0.8%, to 9887; the S&P 500 dropped 8 points, or 0.7%, to 1072; and the Nasdaq Composite was down 22 points, or 1.2%, to 1799. The 10-year Treasury note rallied, adding 1 12/32 to yield 4.23%, while the dollar lower against the yen and the euro.
According to the Labor Department, 32,000 nonfarm jobs were added to the economy in July, a five-week month, well short of Wall Street's 243,000-job consensus. June's growth was revised to 78,000 jobs from 112,000. The unemployment rate ticked down to 5.5% in July, reflecting labor pool defections.
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