Wall Street not only saw arctic air move in this week, it saw stocks tumble after the US Labor Department reported that only 1,000 nonfarm jobs were added in December. Analysts had expected 150,000 jobs to be added.
The nation's economic recovery was supposed to translate into higher job growth rates. The Labor Department corrected reports of a 137,000 jobs added in October in 50,000 added in November. The correct figures are 100,000 (Oct.) and 43,000 (Nov.)
The Dow Industrials tumbled 133.55 points (1.3%) and now stand at 10,458.89. The Standard and Poors 500 Composite saw a 10.06 point (0.9%) fall to 1,121.86. The biggest decliners were AT&T and SBC Communications.