Stocks sink on signs of labor market weakness
Thursday, September 04, 2008 - 03:22 PM EST"Stocks sank on Thursday, as more signs of weakness in the labor market and increasingly sluggish growth overseas heightened concerns about the corporate profit outlook," Kristina Cooke reports for Reuters.
"The market hobbled out of the opening gate after weekly government data showed an unexpected jump in the number of filings for jobless benefits, while a report by ADP Employer Services showed private employers cut 33,000 jobs in August," Cooke reports.
"The data fueled investor nervousness ahead of the government's key August non-farm payrolls report, and losses cascaded in afternoon trading," Cooke reports.
"Shares of technology companies, considered vulnerable because of their overseas exposure, tumbled. Networking equipment maker Cisco Systems was a top drag on the S&P 500, with a drop of 4.4 percent at $22.29 on Nasdaq," Cooke reports.
BlackBerry devices maker Research In Motion was the top Nasdaq drag, falling 5.4 percent to $108.59. Shares of iPhone maker Apple dropped 3.1 percent to $161.76," Cooke reports.
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In relation the title... and the $ rises strangely with no other reason than having some people to buy gold and silver while waiting for the next fall of the currency!