U.S. stock markets closed the week on a sour note as a terrible non-farm payroll report for the month of June sent equities plunging across the board. Just 18,000 jobs were created last month, far below the expectations which called for well over 100,000 to materialize. This also boosted the unemployment rate up to 9.2%, sparking fears that May?s figure was not an aberration and that the economy is slowing down. As a result, all of the major indexes sank on the day although many stocks fought back from their lows to finish the day down only modestly. All three of the major benchmarks finished Friday trading down less than seventy basis points each, led on the downside by the broad S&P 500. In commodity markets, gold rose by about $13/oz. thanks to the turmoil while oil fell by over $2.25/bbl. on fears over lower demand. Soft commodities were more
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