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US stocks slump after March weak jobs data

The Dow Jones industrial average lost 138.12 points, or 1.06 per cent, at 12,922.02. The Standard & Poor's 500 was down 17.06 points, or 1.22 per cent, to 1,381.02. The Nasdaq Composite Index lost 34.51 points, or 1.12 per cent, to 3,045.99.

IANS | April 10, 2012 | Updated 10:57 IST

US stocks tumbled on Monday as investors came back from a weekend holiday and finally got a chance to react to Friday's jobs data, Xinhua reported.

The Labor Department announced on Friday that non-farm payrolls rose by 120,000 in March, only as half as market previously expected.

The unemployment rate fell to 8.2 per cent from 8.3 per cent in the previous month, beating expectations of an unchanged reading and marking the lowest rate seen since January 2009.

However, many investors believed that the decline was not because the job market was getting better, but rather because more people gave up searching for jobs.

The report came as investors expected more evidence to prove a momentum in the economic recovery. However, the market was disappointed to see hiring slowed in March, interrupting the strongest stretch of job growth since the Great Recession.

In midday trading, the Dow Jones industrial average lost 138.12 points, or 1.06 per cent, at 12,922.02. The Standard & Poor's 500 was down 17.06 points, or 1.22 per cent, to 1,381.02. The Nasdaq Composite Index lost 34.51 points, or 1.12 per cent, to 3,045.99.

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