Financial Headline News for Monday 6/6

It was another day of losses across the board in the stock market today as the Dow fell 61, the Nasdaq was off 30 and the S&P was down 14. Even oil and gold were down.

Steve Jobs took a break from his medical leave to show up at Apple this afternoon with his trademark black mock turtle neck and jeans.

State and Local Governments are laying off workers causing more job growth concerns.

1) Stocks down across the Board-From the Wall Street Journal
Stocks dropped for a fourth straight day, as concerns over an economic slowdown continued to weigh on investor sentiment.

The Dow Jones Industrial Average fell 61.30 points, or 0.5%, to 12089.96, led lower by Bank of America, which shed 45 cents, or 4%, to $10.83, and J.P. Morgan Chase, which dropped 1.04, or 2.5%, to 40.53.

The blue-chip index has shed 479.83 points over the past four sessions, for its largest four-day point drop since May of last year.

The Standard & Poor's 500-stock index lost 13.99 points, or 1.1%, to 1286.17, as financials and energy sank, with all sectors finishing in the red. It was the first time since March 23 the index dipped below 1300.

The technology-oriented Nasdaq Composite lost 30.22 points, or 1.1%, to 2702.56.
Investors focused their economic-growth worries on financial stocks amid concerns a stalled economic recovery could make it harder for banks to work troubled loans off their balance sheets. Financials have been the worst-performing sector this month, down 5.9%.

2) Steve Jobs shows up at Apple-From CNBC
CEO Steve Jobs strode back into the spotlight on Monday to unveil the iCloud, a music-streaming service that the company hopes will power its next stage of growth and popularize Web-based consumer services.

A still thin-looking Jobs walked out to a standing ovation from the more than 5,000 Apple faithful at its Worldwide Developers' Conference in downtown San Francisco's Moscone Center, making opening comments for just a few minutes before ceding the stage to marketing chief Phil Schiller.

The Silicon Valley icon emerged from medical leave to launch an Internet-based service for consumers called the iCloud, which lets users play their music and get access to their data from any Apple device — a crucial capability for users increasingly accustomed to performing tasks on the move.

3) Local and state governments, normally job creators, are weighing on the national economy-From AP

In a healthy economic recovery, states and localities start hiring, expand services and help fuel the nation's growth.

Then there's the 2011 recovery.

The U.S. economy is moving ahead, however fitfully. Yet state and local governments are still stuck in recession. Short of cash, they cut 30,000 jobs in May, the seventh straight month they've shed workers.

Rather than add to U.S. economic growth, they're subtracting from it.

And ordinary Americans are feeling it -- from reduced services to fewer teachers, police officers and firefighters.

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