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Jobless Rate Hits 5 Percent, Market Tanks
January 4, 2008
A two-year high in the unemployment rate sent the stock market plummeting today.
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The unemployment rate hit 5 percent in December, the U.S. Department of Labor reported today. The number of unemployed increased by 474,000 to 7.7 million in December, compared with 6.8 million in the same period a year ago.
The Dow Jones Industrial Average fell more than 212 points, or 1.6 percent, in midday trading to 12,844.15. The Nasdaq market was down nearly 3 percent to 2,526.60.
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