Sluggish job creation and an uptick in the nation’s unemployment rate sent the markets plunging to a sharply lower close with the Dow diving 274 points to 12,118. Nasdaq plummeted 79 points to 2747.
On the upside
Duke Energy (NYSE: DUK) awarded scholarships to twenty children of company employees.
On the downside
Splunk (Nasdaq: SPLK) reported better than expected first quarter results in its first financial report as a publicly traded company but investors questioned the software solution’s high valuation.
BMO Capital Markets analyst Peter Rhamey downgraded Leap Wireless (Nasdaq: LEAP) citing concerns that the high price of prepaid iPhones will limit customer appeal.
A gain in the nation’s unemployment rate weighed down shares of building materials company USG (Nasdaq: USG).
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 24 points to 737.