Dow Down 245 on Jobs

Investors nervous ahead of Friday's December employment report
By Nick McMaster,  Newser Staff
Posted Jan 7, 2009 3:24 PM CST
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo)
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(Newser) – Stocks piled on after this morning’s losses, with investors shaken by a grim jobs report and news of layoffs and slashed forecasts at Alcoa and Intel. Crude plunged $5.95, to $43.01 a barrel, after inventories rose more than forecast, MarketWatch reports. The Dow fell 245.40 to close at 8,769.70. The Nasdaq dropped 53.32 to 1,599.06, and the S&P 500 closed down 28.05 at 906.65.

The news that the private sector shed almost 700,000 jobs in December rattled nerves ahead of the government’s jobs report for the month, due Friday. The exchange was also shaken by the revelation that India’s Satyam had overstated its balance sheet by $1 billion, and suspended trading in the firm. Shares of Satyam crashed 77% on the BSE.