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US stocks decline as jobs market collapse

NEW YORK, April 3 (KUNA) -- US stocks declined on Friday, ending another volatile week of trading, under stress over the rise in deaths due to the coronavirus in New York and to the negative data on job rates in the country.
The Dow Jones industrial average fell 360.91 points or 1.7 percent to 21,052 points, while the Standard & Poor's 500 Index fell 1.5 percent to 2,488.65 points and the NASDAQ lost 1.41 percent to close at 7,528.11 points.
"The deaths in the state increased by 562 in 24 hours to reach more than 2,900 cases, the largest so far," New York Governor said today, noting that the confirmed case curve continues to increase with the number of cases in the state exceeding 100,000.
Meanwhile, the US economy lost 701,000 jobs last March, the worst report since 2009, while the unemployment rate jumped to 4.4 percent, but the report did not capture the full extent of the ongoing economic blow resulting from the outbreak of the coronavirus.
Wall Street continues its third weekly decline in four weeks. (end) asf.aa