The New York Times
Fri, June 04, 2010 -- 4:15 PM ET
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Worries Over Hiring Data Erode Stocks; Major Indexes Close More Than 3% Lower
Stocks in the United States closed sharply lower on Friday
after the latest employment figures raised concerns about the
strength of the economic recovery and new worries emerged
that the debt crisis in Europe was spreading. The Dow Jones
industrial average fell below 10,000, closing with a loss of
323,84 points or 3.16 percent in preliminary figures. The
broader Standard & Poor's 500 index fell more than 3.4
percent, and the technology-heavy Nasdaq composite more than
3.6 percent. The euro continued its decline, dropping to less
than $1.20 on concerns about the fiscal troubles in Europe.
The markets skidded steadily all day after the Labor
Department reported that though nonfarm payrolls grew by
431,000 in May, hiring of temporary Census workers accounted
for almost all the gains, while private-sector job growth was
more anemic than expected.
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