US stocks plunge on weak job growth

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CNBC's Rebecca Jarvis has given highlights for the day's trade in US markets.

Stocks plunging on Wall Street thanks to a surprising report from the labour department showing the weakest job growth in four years.

The Dow shedding 249 points, for the week it is down nearly 2% and that is the worse showing since the end of July. The S&P 500 lost 25 points and the Nasdaq was down 48.

Today's loss is all about a shocker from the labour department, the US economy unexpectedly shed 4000 jobs in August. The housing downturn took a toll on construction and manufacturing. Economists were expecting the additional 1,15,000 jobs for the month.

And today's weak charts reports stock fears of recession while raising analyst's hopes for an interest rate cut after the Fed September 18 policy meeting. Nasdaq also fell again. Yet another down day for Apple after the electronics giant cut iphone prices after the rebate for people to pay full price. Analysts say that could cost Apple as much as USD 100 million for the quarter.

Wall Street Action

• US mkts slide on Labour Dept report
• Poorest jobs data in 4 years
• Dow down 2% this week, worst since July
• S&P 500 down 25 pts, Nasdaq down 48 pts
• Weak jobs report stokes fears of recession
• Analysts betting on rate cut on Sep 18
• Apple shares fall for 2nd straight day
• Analysts say Apple could lose USD 100 m this quarter