U.S. stocks ended down sharply on Friday on renewed fears of a relapse of the U.S. economy into recession after the announcement of zero growth in job creation in August.
The Dow Jones finished lower by 2.2% or 253.31 points at 11,240.26 points. The Standard & Poor’s 500 benchmark fund managers, has sold 2.53% or 30.45 points to 1173.97 points while the Nasdaq composite fell by 2.58% or 65.71 points at 2480.33 points.
For the week, the Dow lost 0.4%, the S & P 0.2% and the Nasdaq 0.02%. The quasi-market place on this week due to higher market on the first three days of the week, including an introduction on hopes the Federal Reserve’s new measures to boost the economic machine.
According to official statistics released Friday, the non-farm job creation in the United States were zero in August and the unemployment rate remained unchanged at 9.1%, while the market was expecting about 75,000 new jobs.
President Barack Obama in a speech to the nation Thursday, September 8, must submit an employment plan including tax cuts and measures to support long-term unemployed, told Reuters on Friday a counselor the White House. The trend on Wall Street also weighed down by renewed fears about the budgetary situation of Greece and the uncertainty of the austerity program in Italy.
Bank stocks were under pressure. Bank of America lost 8.34% to 7.25 dollars, JP Morgan Chase 4.6% to 34.63 dollars and Goldman Sachs 4.55% to 107.06 dollars, after a tip that they would be covered by a complaint at the federal level for their role in the subprime crisis. The New York Times, the federal agency overseeing the mortgage market in the United States will file a complaint against a large number of banks.