Stock Market Reacts in Early Hours to Announcement of Unemployment Data
Source: http://Blog.QualityStocks.net/?p=12177Posted on Friday, September 5th, 2008 | In Small & Micro Cap
Contributed by: QualityStocks (http://QualityStocks.net) -
Upon the release of unemployment numbers, the stock market has taken a dip in the initial hours of trading. The Labor Department announced that August saw a reduction of 84,000 jobs, which caused the unemployment rate to rise to a five-year high of 6.1%. In the first hour of trading, the Dow Jones industrial average fell 34.33, which is a 0.31% decrease, to 11,153.79. By 12:30pm Eastern, the Dow Jones recovered a majority of the initial loss to reach 11,186.52.
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