Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Stocks drop on job worries, Greece

Thursday, June 02, 2011 - 01:44

June 1 - Wall Street fell 2 percent as tepid job creation in the private sector provided further evidence of a slowing economic recovery and a Moody's downgrade of Greek debt raised default fears. Conway G. Gittens reports.

▲ Hide Transcript

▶ View Transcript

PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street slumped more than two percent in the biggest one day sell-off since August as investors grapple with a series of negatives. Greek debt was downgraded deep into junk bond status by Moody's. The ratings agency says there's an even chance Greece will not come out of this debt crisis without a restructuring. In the U.S. - economists were slicing payroll growth forecasts after the private sector posted the smallest job creation in eight months, according to May data from payroll company ADP. And growth in the manufacturing sector hit the brakes last month, according to the Institute for Supply Management. That adds to growing evidence the economic recovery has hit a soft patch, but Bernie McSherry of Cuttone & Company thinks it will be short-lived - blaming the softness on dwindling confidence. SOUNDBITE:BERNIE MCSHERRY, VICE PRESIDENT, CUTTONE AND COMPANY (ENGLISH) SAYING: "You know with the U.S. government arguing amongst themselves about the debt ceiling, with higher gas prices, perhaps the dip in the housing market, there is a lot on people's mind and hopefully we are getting a little bit of relief in terms of prices at the gas pump, maybe that will translate into some improved consumer confidence going forward, we hope." Just look to auto showrooms. Monthly sales at General Motors and Ford were down in May compared to the same time last year as worried consumers put off car buying. Chrysler sales were up due to easy comparisons. Looking at the final numbers: The Dow - down 2.2 percent. S&P 500 and Nasdaq down 2.3 percent. Weak manufacturing across Europe pulled markets there down by a full percent. Conway Gittens, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Stocks drop on job worries, Greece

Thursday, June 02, 2011 - 01:44

Featured Videos

Ocean clean-up ship fuelled by plastic pollution

Ocean clean-up ship fuelled by plastic pollution

Plans have been revealed for a self-powering ship that will remove plastic pollution from the sea, processing it into fuel as it goes
Ivorian wins first African freestyle football champs

Ivorian wins first African freestyle football champs

A freestyle footballer from Ivory Coast wins the first African championships, held in Nigeria
Che Guevara poster artist on revolutionary times

Che Guevara poster artist on revolutionary times

Fifty years after creating the Che Guevara poster that still adorns student bedrooms around the world, Irish artist Jim Fitzpatrick is delighted at its ubiquity, but concerned at its exploitation for commercial gain
Netfix and HBO tie for total wins at the Emmys

Netfix and HBO tie for total wins at the Emmys

It was a night of upsets for the highest honours in television and a triumph for streaming services, as Netflix drew with HBO for first place at the awards show
BMW shows off self-driving motorcycle

BMW shows off self-driving motorcycle

BMW has released video of its first self-driving motorbike, an autonomous version of its R1200GS motorcycle