Summary Box: Stocks plunge on weak jobs report

AP News
|
Posted: Sep 02, 2011 5:45 PM
Summary Box: Stocks plunge on weak jobs report

DOW DROPS: A dismal jobs report caused stocks to plunge Friday. The Dow Jones industrial average lost 253 points, or 2.2 percent, wiping out its gains for the week. The Dow and broad-market S&P 500 index have fallen five of the past six weeks.

NO JOBS: The government said the economy added no jobs in August. The report renewed fears of another recession.

BANKS SINK: Big banks dropped on reports that the government was preparing to sue some of them over mortgage investments. The Federal Housing Finance Agency announced the lawsuit against 17 banks after the market closed.