Dismal day on Wall Street

Jan. 4 - U.S. stocks suffered a major retreat after a weak jobs report and a rise in unemployment rate significantly stoked fears of recession. The Nasdaq had its biggest one-day point fall since September 17, 2001. The Dow tumbled 256 points to 12,800. The S&P 500 lost 35 points to 1,411. Crude oil and gold prices moved lower.

Speaker: Ethan Harris, chief U.S. economist, Lehman Brothers.

Conway G. Gittens reports from New York. Reuters Video