Markets Right Now: Weak jobs report sends stocks lower

AP News
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Posted: Jun 03, 2016 9:43 AM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

9:35 a.m.

Stocks are broadly lower in early trading and bond prices are higher after the government reported a sharp slowdown in hiring last month.

The Labor Department also reported early Friday that the unemployment rate fell to its lowest point since 2007 as more people stopped looking for work.

Banks fell more than the rest of the market as traders anticipated that interest rates would remain low for longer than previously forecast.

Regions Financial slumped 4 percent and BB&T fell 3 percent.

The Dow Jones industrial average fell 95 points, or 0.5 percent, to 17,738. The S&P 500 lost 13 points, or 0.6 percent, to 2,091. The Nasdaq composite dropped 29 points, or 0.6 percent, 4,941.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.71 percent.