The Labor Department says employers cut 263,000 jobs last month, up from 201,000 in August. That is far above the 180,000 job losses economists had been expecting. The unemployment rate has risen as expected to 9.8 percent.
Unemployment has been one of the market's biggest concerns throughout the recession because it has a big impact on consumer spending.
A spate of bad economic news leading up to Friday's disappointing jobs report has investors rethinking the rally that began in March on the first signs of a turnaround.
The Dow is down 71 at 9,437. The Standard & Poor's 500 index is down 7 at 1,022, and the Nasdaq composite index is down 14 at 2,043.
Yesterday’s Top Performing Small Cap stock:
Sunergy, Inc. (OTC BB: SNEY) was a SmallCapVoice.com top performer yesterday closing up over 66% on trading volume of 24,500 shares.
Sunergy, Inc recently reported the following update on the preparation for operations on our 150 sq. km. Nyinahin mining concession, located in Ghana, West Africa. This concession enjoys a full prospecting license for gold, silver, diamonds and base metals. During the next few months we will test the alluvial gold and diamond recovery potential along the Ofin River which runs through the eastern portion of the concession for about 45 km. We will bulk sample the numerous existing artisan pits along the river on our concession. Our planned budget is around $300,000.00 US which could recover an estimated 1,000 oz./gold generating around $900,000.00 of revenue from the bulk testing program. Our plan involves leasing a suitable gold recovery plant. The permitting for the bulk testing operation is now underway.
Today’s SmallCapVoice.com Hot Stock to Watch:
On4 Communications Inc. (OTC BB: ONCI)
On4 Communications Inc. announced that it has entered into negotiations for the acquisition of www.pets911.com. Pets911.com is an industry leading website focused on the retrieval of lost pets, pet adoption and all aspects of pet welfare. Adding Pets911.com to On4's current lineup of pet location and rescue products will be a significant addition and help position On4 as a leader in the industry.
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