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Bad news about jobs spooks markets

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Posted: May 2, 2012 11:16 AM
Source: Associated Press

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Topics: wall street, stock, economy

NEW YORK- Investors are homing in on bad news about jobs in the U.S. and Europe.

Stocks are down at midday, erasing the hope generated the day before about a brisk May for the market.

The Dow Jones industrial average fell 48 points to 13,230 in midday trading Wednesday. The day before it closed at the highest point in four years.

The Standard & Poor's 500 fell seven points to 1,398. The Nasdaq composite index was down four at 3,045.

An unemployment report underscored worries about Europe's debt crisis. The 17 countries that use the euro reported that unemployment rose to 10.9 percent in March, the highest since 1999.

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