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Markets Plummet Over Disappointing Jobs Data
Posted on June 01, 2012 at 17:54 PM EDT
Sluggish job creation and an uptick in the nation's unemployment rate sent the markets plunging to a sharply lower close with the Dow diving 274 points to 12,118. Nasdaq plummeted 79 points to 2747.
On the upside
Duke Energy (NYSE: DUK) awarded scholarships to twenty children of company employees.
On the downside
Splunk (Nasdaq: SPLK) reported better than expected first quarter results in its first financial report as a publicly traded company but investors questioned the software solution's high valuation.
BMO Capital Markets analyst Peter Rhamey downgraded Leap Wireless (Nasdaq: LEAP) citing concerns that the high price of prepaid iPhones will limit customer appeal.
A gain in the nation's unemployment rate weighed down shares of building materials company USG (Nasdaq: USG).
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 24 points to 737.
Dow Jones Industrial Average Dow Jones Industrial Average (EOD) Endeavour Silver Leap Wireless International, Inc. NYSE COMPOSITE INDX ReneSola Ltd. ADS Russell 1000 Index Russell 2000 Russell 3000 Index SPLUNK Silver Wheaton Standard & Poors 500 Trina Solar Ltd. USG Corp. Yingli Green Energy Holding Co. Ltd. ADS
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