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Evening Business Brief

June 4, 2010, 6:34 PM

Evening Business Brief
Stocks took a tumble on weaker-than-expected hiring news. The Dow dropped 323 points to 9,932. The S&P was down 38 points and the Nasdaq shed 84 points.
  • A jump in temporary government hiring for the census drove almost all the job market's gains last month. American businesses added 41,000 jobs in May, the lowest number of private sector job gains since January.
  • President Barack Obama says there's progress in fighting the enormous Gulf oil spill. But he cautions that it is "way too early to be optimistic" about the latest effort aimed at capping the well and siphoning off some of the crude oil.
  • Oil prices ended the week with a decline.  Benchmark crude for July delivery today fell $3.10 to settle at $71.51 a barrel on the New York Mercantile Exchange.
  • Wal-Mart CEO Mike Duke tells shareholders the company is positioning itself for 20 years of worldwide growth. He says plans call for hiring of a half-million employees over the next five years.

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