Dow Falls 85; Nasdaq Drops About 12
NEW YORK (AP) _ Stock prices are lower in early Wall Street trading. The Dow Jones Industrial Average is down 85 points. On the New York Stock Exchange, decliners hold a 3 to 1 advantage over gainers. The Nasdaq Composite Index is down about 12 points and the Standard & Poor’s 500 Stock Index has lost nearly 6 points.
Wall Street’s main equities averages could be testing five-month lows today after a weaker-than-expected government report on August unemployment. The Labor Department reported that the jobless rate rose to 4.9 percent last month, a four-year high. Businesses cut payrolls by 113,000 jobs.
The news has taken away any of the premarket excitement that had been raised by Intel’s on-target quarterly business update. There was also some negative news from overseas, where Japan’s economy contracted in the second quarter, sending Tokyo share prices lower.