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Wall Street closing
Published in Saudi Press Agency on 08 - 03 - 2008

Stocks declined Friday, falling to their lowest levels in nearly 18 months after a weak U.S. employment report for February and more financial-sector problems highlighted recession fears.
The three major indexes gained through the late morning, tumbled sharply through the mid-afternoon, and then rose to reduce losses near the session's close. Oil spiked to a record $106 a barrel before retreating, the U.S. dollar continued its plunge, and traders continued to pour money into government bonds.
U.S. employers cut 63,000 jobs in February, the biggest monthly loss in five years, the Labor Department reported. Economists had expected employers to add 125,000 jobs. Meanwhile, the national unemployment rate fell to 4.8 percent from 4.9 percent, but the decline was a result of fewer people being in the workforce.
The jobs report was the latest sign that the economy is headed for a recession, if it is not in one already. The stock-market reaction initially was quiet, as investors hoped the weak labor market would cause the Federal Reserve to aggressively cut interest rates at its next meeting. Investors also welcomed news that the Fed was increasing the size of its upcoming bank auctions to $50 billion each from the original $30 billion.
But by late morning, stocks had turned negative, and the sell-off accelerated in the afternoon. President George W. Bush's top economic advisor said in the afternoon that the U.S. economy could shrink in the current quarter. Bush, also speaking in the afternoon, said “it's clear our economy has slowed.”
Light sweet crude oil for April delivery fell 32 cents to $105.15 a barrel on the New York Mercantile Exchange, after hitting a record trading high of $106.54 earlier. Oil prices ended Thursday at a record high of $105.47.
Meanwhile, the dollar hit a new record low against the euro due to the weak jobs report, and the U.S. currency fell to its lowest level versus the yen in three years.
The Dow Jones industrial average fell 145.23, or 1.2 percent, to 11,895.16, its lowest level since October 11, 2006. The broader Standard & Poor's 500 index fell 10.97, or 0.8 percent, to 1,293.37, its lowest point since August 23, 2006. The technology-heavy Nasdaq composite index fell 8.01, or 0.4 percent, to 2,212.49, its lowest level since September 11, 2006.
The New York Stock Exchange composite index fell 89.17 to 8,676.24. The American Stock Exchange composite index fell 30.88 to 2,272.57. And the Russell 2000 index fell 2.67 to 660.11.


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