Stocks Dive After Dismal June Jobs Report

By: Associated Press
By: Associated Press

Stocks are trading sharply lower at midday after a dismal report on the job market stifled hopes for a quick economic rebound.

The Labor Department says only 18,000 jobs were created in the U.S. last month, the fewest in nine months. The report doused hopes for a quick rebound after the economy slumped this spring.

Traders sold stocks, erasing the week's gains, and piled into the relative safety of government bonds. The yield on the 10-year Treasury note fell to 3.02 percent from 3.19 percent before the jobs report was released.

Just before noon, the Dow is down 109, or 0.9 percent, at 12,611. The S&P 500 is down 15, or 1.1 percent, at 1,339. The Nasdaq is down 30, or 1 percent, at 2,843.

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