Bad News About Jobs Spooks Markets

By: AP
By: AP

NEW YORK (AP) -- Stocks are opening lower on Wall Street on disappointing jobs reports in both Europe and the U.S.

The Dow is down 55 points to 13,224 in the opening minutes of trading Wednesday. The day before it closed at the highest point in four years.

The broader Standard & Poor's 500 index is down 8 points at 1,398. The Nasdaq composite index is down 15 points at 3,035.

In the 17 countries that use the euro, unemployment climbed to 10.9 percent in March, the highest since the euro was launched in 1999.

In the U.S., payroll processor ADP says U.S. businesses slashed hiring in April, creating 119,000 jobs compared to 201,000 in March. The report covers only private sector hiring, and can differ from official government figures, which are due Friday.

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  • by Anonymous on May 2, 2012 at 10:58 AM
    It's almost as if the world economies are going to crash and become one global economy. Good thing that won't really happen
    • reply
      by Nath on May 2, 2012 at 12:43 PM in reply to
      Unfortunately, we're almost there already. The World Trade Organization, the Summit of the Americas, Nafta, our most favored trade partner - Red China, "Free Trade", and recently the agreement Obama signed with Columbia a couple of weeks ago.
  • by Hermitt on May 2, 2012 at 10:16 AM
    This just goes to show how volatile the MARKET is... "investment" is a contradiction in terms.
  • by Anonymous on May 2, 2012 at 09:11 AM
    @doyoublameem: The gazette, and it's competitor, The Sun rarely has any real jobs listed, no matter what the economy
    • reply
      by Nath on May 2, 2012 at 09:37 AM in reply to
      @Anonymous. The Sun? They were bought out and merged by the parent of the Gazette in 1986.
  • by Nath Location: Colo Spgs on May 2, 2012 at 08:35 AM
    If it hasn't already, wait until the news of Spain's credit rating being cut two notches by S&P hits the news. Don't you just love Globalization, where there is no division in the markets where you can move from one to the other to protect your investments any more? If you don't already, buy silver and/or gold. If you already own some DON'T SELL IT!!!!
  • by doyoublameem on May 2, 2012 at 08:26 AM
    the jobs are abroad no more USA job. Just look at the gazette newspaper...the job section is barely 1/4 of the page.
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