August 5, 2011
U.S. stocks traded near session lows in a turbulent environment as a better-than-anticipated jobs report couldn’t fully convince investors that growth and economic problems are improving.
The Dow Jones Industrial Average was recently down 129 points, or 1.1%, to 11254, in volatile trading Friday morning. The blue-chip index rose as much as 171 points in early trading, but lost all of its gains within the first half hour of trading.
The Dow tumbled 512 points Thursday, its biggest point drop since Dec. 1, 2008. It is in the red for the year and has fallen more than 11% below the 2011 closing high in April, putting the measure squarely in correction territory.
The Standard & Poor’s 500-stock index fell 17 points, or 1.4%, to 1183, led lower by financial and energy stocks. The technology-oriented Nasdaq Composite Index tumbled 51 points, or 2%, to 2506, in whipsaw trading.