Dow Loses 215 on Job Cuts

Retailers miss estimates as consumer rein in spending
By Nick McMaster,  Newser Staff
Posted Dec 4, 2008 3:16 PM CST
AT&T said today it would lay off 12,000.   (AP Photo)
camera-icon View 2 more images

(Newser) – The markets lost value today amid data that unemployment is growing, and poor sales reports from retailers, MarketWatch reports. Traders are bracing for the worst ahead of the November jobs report, due tomorrow. The Dow fell 215.45, closing at 8,376.24. The Nasdaq dropped 46.82 to settle at 1,445.56, and the S&P 500 closed down 25.52 at 845.22.

AT&T, Viacom, Adobe and Credit Suisse all announced big job cuts, and the total number of jobless claims lasting over one week climbed to a 26-year high. Oil hit a 4-year low, falling $3.12 to $43.54 a barrel. “There have been some positive signs over the last few days,” one analyst said, “but for the most part, people are still preparing for rough waters ahead.”