Wall St falls as job slashing accelerates
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Pastor Morgan
Dec 5, 2008, 3:32:40 AM12/5/08
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Wall St falls as job slashing accelerates
From correspondents in New York
Agence France-Presse
December 05, 2008 08:06am
WALL Street shares fell hard overnight as investors sought cover after
a series of big job-slashing announcements that highlighted the weak
economic outlook.
The Dow Jones Industrial Average tumbled 221.90 points (2.58 per cent)
to 8369.79 after wobbling in and out of positive territory.
The Nasdaq composite slid 46.82 points (3.14 per cent) to 1445.56 and
the broad-market Standard & Poor's 500 sank 25.96 points (2.98 per
cent) to 844.78, based on preliminary closing data.
As the market opened, investors learned that telecommunications giant
AT&T announced was cutting 12,000 jobs and slashing capital spending
due to an economic downturn.
Job cuts were also announced by media giant Viacom and chemical maker
DuPont.
A government report showed a drop in the number of new unemployment
claims in the past week, but the level remained high at 509,000.
The latest news is "pointing to the hardest landing, at least so far
as employment is concerned, since the early 1980s,'' said TJ Marta,
analyst at RBC Capital Markets.
Wall St falls as job slashing accelerates
From correspondents in New York
Agence France-Presse
December 05, 2008 08:06am
WALL Street shares fell hard overnight as investors sought cover after
a series of big job-slashing announcements that highlighted the weak
economic outlook.
The Dow Jones Industrial Average tumbled 221.90 points (2.58 per cent)
to 8369.79 after wobbling in and out of positive territory.
The Nasdaq composite slid 46.82 points (3.14 per cent) to 1445.56 and
the broad-market Standard & Poor's 500 sank 25.96 points (2.98 per
cent) to 844.78, based on preliminary closing data.
As the market opened, investors learned that telecommunications giant
AT&T announced was cutting 12,000 jobs and slashing capital spending
due to an economic downturn.
Job cuts were also announced by media giant Viacom and chemical maker
DuPont.
A government report showed a drop in the number of new unemployment
claims in the past week, but the level remained high at 509,000.
The latest news is "pointing to the hardest landing, at least so far
as employment is concerned, since the early 1980s,'' said TJ Marta,
analyst at RBC Capital Markets.
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