03 Jun '11, 9pm

DTN Singapore: US stocks sink on bad May jobs data: NEW YORK - US stocks dropped sharply Friday after a dismal r...

NEW YORK - US stocks dropped sharply Friday after a dismal report on the country's jobs situation in May. In closing trades the Dow Jones Industrial Average was down 97.29 points (0.79 percent) at 12,151.26. The broader S&P 500 index lost 12.78 points (0.97 percent) to 1,300.16, while the tech-rich Nasdaq Composite gave up 40.53 points (1.46 percent) to 2,732.78. The Labour Department reported that the economy added a paltry 54,000 jobs in May, one-quarter of the February-April pace, intensifying the challenge to the Obama administration to get the economy growing. "While the private sector has added more than 2.1 million jobs over the past 15 months, the unemployment rate is unacceptably high and faster growth is needed to replace the jobs lost in the downturn," White House economic adviser Austan Goolsbee said in a statement. The news sent all the Dow blue chip component...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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