World stock markets drop as US unemployment rate hits 16-year high of 7.2 percent
Stock markets dropped Friday as investors fretted over the outlook for the U.S. economy after an unexpectedly large increase in the unemployment rate and confirmation that more jobs were lost in 2008 than in any year since World War Two. An early relief rally following the news that payrolls in the world's largest economy declined by a smaller than anticipated 524,000 in December soon dissipated as investors focused on the rise in the unemployment rate to a 16-year high of 7.2 percent... Full Story
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