US Stocks Drop after Unemployment Report

Posted July 8th, 2011 at 1:20 pm (UTC-5)
Leave a comment

U.S. stock prices dropped Friday after a government report showed an increase in unemployment in a still-struggling economy.

The Dow Jones Industrial average was down nearly one percent in mid-day trading, the broader S&P 500 index fell more than one percent and the NASDAQ lost nine-tenths of one percent.

European stock prices had shown gains in early trading, but those turned to losses after the poor U.S. unemployment report.

London's Financial Times index closed one percent lower at 5,991. The CAC-40 in Paris fell 1.7 percent (66 points) to close at 3,914, and the DAX index in Frankfurt was down nine-tenths of one percent at 7,403.

In Asia, Tokyo's Nikkei index gained close to three-quarters of one percent to finish at 10,138.

Hong Kong's Hang Seng index soared nearly one percent to finish the day's trading at 22,726.

Gold was trading at $1,540.25 an ounce.

The dollar was nearly unchanged against other major currencies.