NEW YORK (Reuters)-stocks tumbled Thursday, with key indexes falling more than 1 per cent and a volatility indicator, as weak data spiking on the labor market combined with a sharp decline in oil prices triggered a selloff.
Energy stocks took a hit after the International Energy Agency said it would release oil from its strategic reserves. U.S. crude oil Futures fell 5 percent to $ 90.85 per barrel.
The energy sector (& P S.GSPE) fell 3.3% while Chevron Corp. (CVX.N) fell about 4 percent to $ 97.16, the biggest decliner on the Dow. Exxon Mobil Corp (XOM.N) was shut down 3.2 percent to $ 77.30.
The Dow Jones industrial average (.DJI) fell 173.08 points, or 1.43%, to 11, 936.59. the & 500 Index (Standard Poors.SPX) dropped 19.81 points, or 1 percent, at 1.54, 267.33. The Nasdaq Composite Index (.IXIC) fell 38.66 points or 1.45 percent, to 2, 630.53.
New claims for unemployment benefits the U.S. rose more than expected last week, suggesting little improvement in the labour market this month after employment stumbled in May.
The data came a day after Federal Reserve Chairman Ben Bernanke gave a more pessimistic view on the economy, cutting the forecast for U.S. economic growth and not offering no hint of further monetary support. That prompted investors to sell after a four-day rally that has lifted stocks from a minimum of three months.
The CBOE volatility index (.VIX) jumped the 15.4 percent to 20.74.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)
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