Stocks Plunge on Weak Jobs Report

Stocks tumbled on Friday after a much weaker than expected jobs report triggered fears the U.S. economy will slip into recession.

Non-farm payrolls rose 18,000 in December, the worst report in more than four years, and the unemployment rate rose to 5%, from 4.7% last month.

The Iowa caucus took place last night, with two big winners emerging – Barack Obama and Mike Huckabee.

AZZ Inc.
(
AZZ |
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is the biggest gainer on the NYSE today after the company reported Q3 net profit rose, and increased FY08 guidance (read more).

PetroChina
(
PTR |
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is trading higher after the company was upgraded by Goldman Sachs (read more).

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Market Snapshot

Dow

-216.31 12840.41

NASDAQ

-82.01 2520.67

S&P 500

-29.33 1417.83

Strongest/Weakest Industry Groups

Strongest Industries

% Change

Weakest Industries

% Change
Diversified Utilities
+0.71%
Semiconductor – Broad Line
-6.63%
Drug Stores
+0.49%
Residential Construction
-6.61%
Electric Utilities
+0.43%
Regional – Southeast Banks
-6.08%

Economic
News

Non-farm Payrolls (Dec): Actual 18K, Consensus 70K

Factory Orders (Nov): Actual 1.5%, Consensus 1.0%