NEW YORK - STOCKS are tumbling in early trading after a government report showing more jobs were lost in October than expected.
The report bodes poorly for consumer spending, a major component of economic activity.
As stocks fall, safe-haven assets like Treasurys are rising. Oil prices are sharply lower.
The Labor Department says employers cut 190,000 jobs last month.
That was less than the 219,000 jobs lost in September, but more than the 175,000 job losses economists had forecast. The unemployment rate jumped to 10.2 per cent - the highest since 1983.
Shortly after the opening bell, the Dow Jones industrial average is down 60 at 9,945. The Standard & Poor's 500 index is down 7 at 1,059, while the Nasdaq composite index is down 11 at 2,093. -- AP
