CNBC’s Mike Huckman - Certainly no fireworks on Wall Street ahead of the July 4, American Independence day holiday because of a small technical problem during the day the NYSE took a very unusual step of closing 15 minutes late on Thursday but that extra trading time did not change the direction of the markets.

The sell off occurring amid light volumes but on back of a disappointing monthly jobs report. The unemployment rate climbing to 9.5%, the highest level in more than a quarter century. US businesses getting rid of 467,000 jobs in June and that is way more than economist had expected. President Obama calling in a report ‘sobering’.

Among the hottest hit sectors in equities were industrials, financials, tech, consumer related and energy stocks. Indeed the price of oil dropped nearly 4% to less than USD 67 per barrel and interestingly that happened the day before the one year anniversary of oil hitting a record high of a USD 145 per barrel, consumers may like that fact, that should keep gas prices lower and they also respond to mortgage rates falling again.