Wall Street down Two Percent

Wall Street down Two Percent
NEW YORK - Stocks tumbled two percent on Friday after data showed zero growth in employment was recorded in August, which ultimately led investors to worry.

As reported by Reuters on Saturday (09/03/2011), Wall Street must come down in the sixth week before Labor Day in the United States (U.S.).

Shares are unstable lately, where the federal reserve expected to introduce a new stimulus to boost the flagging economy. But it turns out, a report from the Labor Department said if the latest Fed action alone can not solve the problem perekonomianyang depth.

"With the Fed itself can not restore confidence or create jobs, so that each step might take will not change the game for the prospects of economic growth," said chief investment officer at BNY Mellon Wealth Management, Leo Grohowski.

The bank stocks are down today, including the Bank of America Corp. fell 8.3 percent to $ 7, 25, JP Morgan Chase & Co. fell 4.6 percent to USD34, 63 and the KBW bank index fell 4.5 percent .

Meanwhile, the Dow Jones Industrial Average fell 253.16 points, or 2.20 percent, to 11240.41. Standard & Poor's 500 Index fell 30.46 points, or 2.53 percent, to 1173.96. The Nasdaq Composite Index fell 65.71 points, or 2.58 percent, to 2480.33.

Friday marked the S & P's biggest drop in two weeks, despite a sharp decline today, the stock is only slightly lower for the week, after rallying in the first three days of trading. For the week, the Dow fell 0.4 percent, the S & P lost 0.2 percent and the Nasdaq flat.