Stocks resume slide, as Dow drops nearly 700 points in early trading
CBSN
Stocks opened sharply lower on Friday after new government data pointed to a weakening U.S. labor market and as concerns mount about the impact of the Iran war on the U.S. economy. Edited by Alain Sherter In:
Stocks opened sharply lower on Friday after new government data pointed to a weakening U.S. labor market and as concerns mount about the impact of the Iran war on the U.S. economy.
The S&P 500 fell 83 points, or 1.2%, to 6,747, in early trading, while the Dow Jones Industrial Average dropped 647 points, or 1.3%, and the Nasdaq Composite sank 1%.
The declines followed a steep drop on Thursday, with the Dow losing 785 points, or 1.6%, and the S&P 500 and Nasdaq falling 0.6% and 0.3%, respectively.
The downturn came after the release of the February employment report, which showed employers shed 92,000 jobs in February, undershooting economists' forecasts of 60,000 payroll gains.
"You can't sugarcoat this report," said Brian Jacobsen, chief economic strategist at Annex Wealth Management. "A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks."
Stocks opened sharply lower on Friday after new government data pointed to a weakening U.S. labor market and as concerns mount about the impact of the Iran war on the U.S. economy. Edited by Alain Sherter In:
A mother and her daughter were killed amid severe storms and a reported tornado in Oklahoma on Thursday night, officials told CBS News, and the state is bracing for more severe weather on Friday. In:
The price of oil continued to surge on Friday amid growing concerns that the Iran war will disrupt global crude supplies. Edited by Alain Sherter In:
The U.S. job market shed 92,000 jobs in February, a sharp and unexpected setback for the economy after economists had forecast job growth. Edited by Aimee Picchi In:
Washington — The Justice Department released additional Jeffrey Epstein files Thursday that included uncorroborated accusations by a woman against President Trump that the department said had been mistakenly withheld during an earlier review. In:
The U.S. military plans to exhume the remains of 88 sailors and Marines killed when the USS Arizona was bombed during the Japanese attack on Pearl Harbor and who were buried as unknowns in a Honolulu cemetery. In:
Austin, Texas — Rachel Reyes' son, 23-year-old American citizen Ruben Ray Martinez, was shot and killed by a U.S. Immigration and Customs Enforcement agent nearly one year ago. But she said she's still trying to understand why. In:
Republican Rep. Tony Gonzales dropped his reelection bid for his Texas congressional district on Thursday, after admitting to an affair with a staffer who later died by suicide.
Bernard LaFayette, the advance man who did the risky groundwork for the voter registration campaign in Selma, Alabama, that culminated in the passage of the Voting Rights Act of 1965, has died, according to the Associated Press. In:
The United States and Venezuela agreed to reestablish diplomatic relations in a major shift in a historically adversarial relationship, the State Department said on Thursday. In:
Washington — Lindsey Halligan, the former interim U.S. Attorney for the Eastern District of Virginia, is under investigation by the Florida Bar, according to a letter from the organization confirming the probe which was obtained by CBS News.
Defense Secretary Pete Hegseth said Thursday that Iran is hoping the U.S. cannot sustain its operation against the country, even though, according to Hegseth, the U.S. can "sustain the fight for as long as it takes."
Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran. Edited by Alain Sherter In: