Jobless Rate Hits 5 Percent, Market Tanks

http://www.insidearm.com/news/00022521-jobless-rate-hits-5-percent-market-tanks/

A two-year high in the unemployment rate sent the stock market plummeting today.

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.

Jobless Rate Hits 5 Percent, Market Tanks

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