Wall Street's main indexes fell on Friday as the longest period of employment growth on record in the United States came to an abrupt end, with data showing that hundreds of thousands of people lost their jobs last month due to the coronavirus.
The Labor Department's report confirmed that a recession was underway as business activity came to a standstill, but investors fear it did not reflect the full extent of the economic pain as the survey considered data until mid-March.
With the S&P 500 down about 25% from its mid-February record highs, or nearly $7 trillion in market value, analysts said the magnitude of the decline in payrolls had been priced in to a large degree.
At 11:32 a.m. ET the Dow Jones Industrial Average was down 350.97 points, or 1.64%, at 21,062.47, the S&P 500 was down 38.02 points, or 1.50%, at 2,488.88 and the Nasdaq Composite was down 101.57 points, or 1.36%, at 7,385.74.
Source : Reuters