Dow Down 53, Nasdaq Drops 11
Sep. 05, 2003
NEW YORK (AP) _ Stock prices have started sharply lower on Wall Street.
The Dow Jones Industrial Average is down 53 points. Decliners outnumber losers by about 12-to-7 on the New York Stock Exchange.
The Nasdaq Composite Index is down eleven points and the Standard & Poor's 500 Stock Index has lost five points.
For the second time in as many days, investors are dealing with news suggesting the labor market is still in trouble.
Yesterday, it was a big jump in weekly unemployment claims. Today, its the Labor Department report showing that companies cut an additional 93,000 jobs in August. It was the seventh straight months of cuts and came as a surprise to economists who'd expected the economy to add jobs.
Many analysts have expressed skepticism about the the strength and depth of the recovery, noting that no jobs have been added. In fact, earlier this week the government reported a big gain in second quarter productivity as employers were able to squeeze more work out of fewer people.