DJIA Today: Jobs Data Rocked The Markets as Dow Fell 253 and Gold Rose 3%

Markets slid sharply today after a report from the Bureau of Labor Statistics indicated that zero jobs were created in August, renewing fears that the economy is heading for more trouble. Financials were hit particularly hard after The New York Times reported yesterday that the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, was preparing to file lawsuits against a number of major banks, alleging that the institutions did not perform adequate due diligence when securitizing mortgages that were sold to the two quasi-government agencies. The suits will reportedly seek to recover a total of up to $30 billion. Taking a look at the major indexes, the Dow closed at 11240.30, down 253 points. The S&P and NASDAQ each slid roughly 2.5% on the day. The S&P lost 30 points to close at 1,174 and the NASDAQ lost 66 points to settle at 2,480. Crude oil slid on further fears of a weak global recovery, losing $2.80 to close at $86.13. Silver and gold gained on the day, with silver adding $1.78 to close at $43.31 and gold rocketing up by 3%, or $55.30, to settle at $1,884.30 as investors fled to safety. Moving to the major currencies, the EuroDollar down 66 pips is currently trading at 1.4192. The DollarYen, down 12 pips, is at 76.79. The PoundDollar is at 1.6215, a gain of 37 basis points. The AussieDollar, down 65 pips, is at 1.0656. The DollarSwiss is currently down 61 basis points at 0.7892 after a day of volatile trading following the jobs numbers. Finally, the loonie is currently sitting up 85 pips at 0.9843.