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Stocks Fall Sharply After Weak Jobs Report
Posted: 7:24 AM Jun 1, 2012
Reporter: Associated Press
The stock market is opening sharply lower after U.S. job creation for May came in far weaker than expected.
The Dow Jones industrial average is off more than 150 points. That's almost enough to wipe out what was left of the Dow's gain for the year. The Standard & Poor's 500 index and the Nasdaq composite are both down more than 1 percent.
Investors are flocking to bonds for safety. The yield on the 10-year U.S. Treasury note fell earlier Friday to 1.46 percent, the lowest on record.
The price of gold is also shooting higher. It's up $37 an ounce at $1,601.
American employers created only 69,000 jobs in May, the fewest in a year.
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