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Wall Street takes a nosedive following jobs news

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    What is implication for global economy?

  • Duration 2:03
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Thank you as we told you Wall Street took a nosedive on today's jobs news and the rest of the world's financial community.

There's not much happier.

Fox Business network's senior Washington correspondent Peter -- -- -- part of -- -- good evening Peter good evening -- with today's sharp sell off in stocks the Dow Industrials have now given up.

All of their gains for 2012.

And went negative for the year the Dow thirty has lost nearly 12100 points since its -- may first the S&P 500 is just one point away.

From an official correction defined as a 10% decline from a recent high.

The tech heavy NASDAQ is in a correction down 12% the stalling jobs market -- got investors worried about the health of the economic recovery so does slowing growth in Asia.

But Europe's debt crisis remains the biggest threat.

It could worsen Europe's struggling economy and dragged down its banks especially if Greece exits the Euro zone.

Credit crunch of that magnitude.

Could easily push us over the -- into recession.

I don't think it's something that's going to create the same kind of it catastrophic.

Decline in stock prices that we saw no way don't mind because we're so much in better shape now to deal with it.

In fact some economists think job growth could improve later in the years in car factories for example car sales roared in May Chrysler alone up 30%.

As consumers caught up on purchases they delayed during the recession.

We're seeing some pockets of the country where demand is -- picking up in the housing market.

We saw gains in consumer spending and in April.

There is enough income growth for consumers to continue spending in the businesses are very profitable.

They're continuing to invest.

Now some economists are looking to the Federal Reserve -- for some additional juice for the economy they say today's jobs report.

Gives the Fed more reason to launch additional stimulus falling oil and gas prices could help to arrest warrant all this with the panel Peter thank you oil.

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