Concerns about Hungary pound the euro to a four-year low, Dow tumbles 3%, JSE sheds 2.13%
The government also said 431,000 jobs overall were created last month, but most of those jobs, 411,000, came from the government's hiring of temporary census workers. The overall number also fell short of expectations. Economists polled by Thomson Reuters had forecast employers would add 513,000 jobs.
SHOOT: Did you know the unemployment rate averaged over the entire Eurozone now exceeds 10%. Heard about someone who returned from the UK after going to over '100 hundred interviews' and couldn't land a job.
NEW YORK (AP) -- Stocks tumbled Friday after the Labor Department said hiring remains weak and Hungary became the latest European country to report its economy is in crisis. Interest rates dropped as investors moved their money into the safety of Treasury bonds and notes.
The Dow Jones industrial average dropped about 325 points in late afternoon trading and fell below 10,000. All the major indexes were down more than 3 percent. The concerns about Hungary pounded the euro to a four-year low.
The reality of the report erased that optimism.
The jobs report was the latest in a series of reports this week that showed the economy isn't as robust as hoped. But investors had sent stocks higher as they bet on stronger job growth in May.
"It's almost as if the worst fears of the market were realized, at least in this one report," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research.