News that U.S. employers shed nearly half a million jobs last month and the unemployment rate jumped to 9.5 percent, the highest in nearly 26 years, dampened recent hopes that the recession might be abating.
The Dow Jones industrial average <.DJI> dropped 223.32 points, or 2.63 percent, to 8,280.74. The Standard & Poor's 500 Index <.SPX> slid 26.91 points, or 2.91 percent, to 896.42. The Nasdaq Composite Index <.IXIC> sank 49.20 points, or 2.67 percent, to 1,796.52.
U.S. financial markets will be closed on Friday for the U.S. Independence Day holiday, with July 4th falling on Saturday this year.
NYMEX-NEW YORK, July 2 (Reuters) - U.S. crude oil futures ended almost 4 percent lower on Thursday as government data showing that the jobless rate in June rose to the highest level in 26 years sparked fresh worries about a recovery from recession.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
Profit-taking after Wednesday's rally, good crop weather in the U.S., lower equities, firm dollar and drop in crude oil pressuring soybean futures. Losses limited by good export sales.
Informa Economics estimates 2009 U.S. soy production 3.214 billion bushels.
CBOT-SOYOIL - July
Profit-taking, lower crude oil and drop in soybean futures lending pressure. Strong weekly export sales data from USDA supportive.
FCPO-JAKARTA, July 2 (Reuters) - Malaysian palm futures dropped 3.7 percent to the lowest level in nine trading days on Thursday as investors focused on weak demand after crude oil, which had inspired a rebound a day before, tumbled, traders said.
The benchmark September palm oil contract
REGIONAL EQUITIES-BANGKOK, July 2 (Reuters) - Southeast Asian stock markets
were mixed on Thursday, with Singapore snapping a two-day winning streak, hurt by losses in big-cap financials and property, while Thailand hit a one-week low, pulled down by oil stocks.
Singapore's benchmark index <.FTSTI> lost 1.35 percent, dragged down by DBS Group
Elsewhere in the region, Malaysia <.SETI> closed down 0.06 percent, with decliners led by a 2.6 percent fall in Maybank
Malaysian planters were helped by an upbeat view on palm futures from IOI Corp, which said the worst was over for the plantation sector as palm oil prices had recovered from last year's slump, although merger activity would be muted.