12 Jan 2009 | 04:44 US stocks stumble on job report Sadness continued to grip Wall Street since the start of FY 2009 and stocks registered good losses during the first week that ended on Friday, 09 January, 2009. While the unemployment rate in US surged to a 16 year high during December, 2008, several major companies continued to issue earnings warnings. Trading volumes during the week remained quite low due the start of the week but picked up later. There was a lot of economic news of note this week. The market reacted to each one of them in an expected negative manner. The Dow Jones Industrial Average lost a huge 435.51 points (4.8%) for the week to end at 8,599.18. Tech - heavy Nasdaq lost 60.62 points (3.7%) to end at 1,571.59. S&P 500 lost 41.45 points (4.4%) to end at 890.35. The Labor Department reported on Friday, 09 January, 2008 that the U.S. economy lost 524,000 jobs in December, closing out th...
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