US mkts slip on disappointing jobs data; Dow down 223pts

ALSO READ See how Asian markets are doing

The US markets cracked on disappointing jobs data. The benchmark indices slumped nearly three percent each. The S&P 500 slipped 2.9% below the psychologically significant 900 level in the final half-hour of trade.

This was the third straight weekly loss for the US markets. The US markets will remain shut today on account of their Independence Day. Also Read - How ADRs performed

The jobs report, which sent the stocks lower showed a higher than expected job cut. The June non-farm payrolls report indicated that 4.67 lakh jobs were lost last month. Meanwhile the national unemployment rate now stands at 9.5%, less than the expected 9.6% decline.

The Dow Jones plunged 223.32 points, or 2.6%, to 8,280.74. The S&P 500 index fell 26.91 points, or 2.9%, to 896.42 and the Nasdaq Composite Index fell 49.20 points, or 2.7%, to 1,796.52.

Commodities too sold off on discouraging labour market report in US. Crude prices fell more than 3%, to a one-month low, below USD 67 a barrel.

In base metals, copper prices too dropped on disappointing jobs data increasing concern that global growth will continue to slow. Gold & silver declined as well.

In currencies, the drop in June non-farm payrolls sent the dollar rising versus the euro & the yen.