Sep 3, 2009
Wall Street dips amid jitters
The number topped the average consensus forecast of a cut of 250,000 jobs. -- PHOTO: AFP

NEW YORK - US STOCKS dipped in choppy trade Wednesday, extending losses a third day, after a worse-than-expected non-farm payrolls report added to concerns ahead of Friday's key August jobs data.

The Dow Jones Industrial Average fell 32.80 points (0.35 per cent) to 9,277.80 at the market close.

The tech-heavy Nasdaq composite dropped 2.13 points (0.11 per cent) to 1,966.76 and the broad-market Standard & Poor's 500 index retreated 3.64 points (0.36 per cent) to a preliminary close of 994.40, falling below the psychological 1,000-level.

A worse-than-expected reading on private sector jobs raised alarm ahead of the government data on August non-farm employment due on Friday.

Payrolls firm ADP reported the US non-farm private sector shed 298,000 jobs in August, the smallest number of jobs in nearly a year.

The number topped the average consensus forecast of a cut of 250,000 jobs.

'The ADP Employment Change report helped put a damper on rebound aspirations,' said Patrick O'Hare of Briefing.com.

'The knee-jerk selling following the ADP number goes to show how Tuesday's losses left participants a bit more skittish than before.' -- AFP

 

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