U.S. markets fall early Monday
U.S. markets turned lower Monday morning as economic fundamentals gave investors more cause for concern.
The Labor Department said last week unemployment jumped to 9.4 percent in May. Although markets have made gains in the past four months, oil prices have risen sharply, a sign that a period of inflation could take hold.
In midmorning trading, the Dow Jones industrial average lost 121.30 points or 1.38 percent to 8,641.83. The Standard & Poor’s 500 fell 11.29 or 1.2 percent to 928.80. The Nasdaq composite index shed 30.08 or 1.63 percent to 1,819.34.
The benchmark 10-year U.S. Treasury bond fell 6/32 to yield 3.83 percent.
The euro fell to $1.3831, compared to Friday’s $1.3965. Against the Japanese yen, the dollar fell to 98.64 yen, compared to Friday’s 98.86 yen.
In Tokyo, the Nikkei average added 97.62 points to 9,865.63, up 1 percent.