Markets on shaky ground despite US jobs data

Stronger than expected employment data could not prevent Wall Street selling off at the open this afternoon.

Initial claims for state unemployment benefits beat analyst expectations, dropping 26,000 to a seasonally adjusted 350,000, the lowest since March 2008, according to the Labor Department, a hopeful sign for the struggling labor market amid expectations of 370,000 claims. But US markets fell on open this afternoon. The Dow Jones slid 0.62% to 12,526, the S&P 500 dropped 1% to 1,328 and the Nasdaq dropped 0.86% to 2,863. Investors appeared to remain unnerved by the yesterday's minutes from the Federal Reserve's June meeting which ruled out any imminent plans for further quantitative eas...