US stocks sink after dismal May jobs report
NEW YORK—US stocks fell in early trade Friday after a dismal May jobs report virtually eliminated chances of an interest rate hike by the Federal Reserve this month and possibly July. Bank shares fell sharply, with Citigroup dropping 5.1 percent and Bank of America 4.7 percent, as the prospects for lower rates longer is expected to hit lending margins.
After 60 minutes of trade (1430 GMT), the Dow Jones Industrial Average was down 0.8 percent at 17,703.72. The broad-market S&P 500 lost 0.9 percent at 2,087.11, while the techheavy Nasdaq Composite fell 1.1 percent to 4,914.69. The US economy added a paltry 38,000 jobs last month, the Labor Department said, the lowest number in nearly six years and one-quarter of what economists had forecast.—AFP
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