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Sep 2, 2011 4:45 PM by Matt Stafford

Stocks plunge after US hiring dries up in August

NEW YORK (AP) - Stocks plunged after a dismal jobs report renewed fears of another recession.

No jobs were added in the U.S. last month, the government said early Friday. The unemployment rate held steady at 9.1 percent.

Treasury yields fell sharply and gold jumped $48 an ounce as cash flowed into investments considered less risky than stocks.

The Dow Jones industrial average lost 253 points, or 2.2 percent, to close at 11,240.

The S&P 500 index fell 30, or 2.5 percent, to 1,174. The Nasdaq fell 66, or 2.6 percent, to 2,480.

The losses wiped out the week's gains.

Five stocks fell for every one that rose on the New York Stock Exchange. Trading volume was 3.8 billion shares, lower than average.

 

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