Dow Drops 270 Points, Erasing All Gains For Year
Wall Street suffered its bloodiest day of the year as U.S. stocks sank more than 2% following an ugly jobs report. The Dow erased all its gains for the year, dropping more than 270 points for the day.
The 10-year yield on U.S. Treasuries hit another record low after the jobs report showed only 69,000 jobs were added to payrolls in May. The unemployment rate ticked higher for the first time in a year, rising to 8.2%.
I don’t know what’s worse news: that the Dow lost six months worth of gains in a single day or that it was only 270 points.
UPDATE: A commenter points out that today’s loss brings us to the lowest total of the year–but that other losses have helped contribute.