Wall Street took a dive on July 2, after the U.S. government reported that the June unemployment rate hit a 26-year high.
The U.S. Labor Department's unemployment figures showed employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
Major indexes lost more than 2 percent after the jobless report. And an upbeat report on May factory order was not enough to boost the sentiment. The U.S. Commerce Department posted total orders rose 1.2 percent, better than the 0.8-percent increase expected.
Energy, industrials, financials, technology and consumer-oriented shares were among the hardest-hit sectors.
In the afternoon, the New York Stock Exchange was hit by connectivity glitches that affected orders originating from the trading floor. The NYSE extended its regular close from 16:00 p.m. to 16:15 p.m. to execute customer orders affected by system irregularities.
The Dow Jones industrial average dropped 223.32 points, or 2.63percent, to 8,280.74. The Standard & Poor's 500 index slid 26.91 points, or 2.91 percent, to 896.42. The Nasdaq composite index sank 49.20 points, or 2.67 percent, to 1,796.52.
Source:Xinhua
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