The stock market was hit with extreme volatility today after the Labor Department released better-than-expected employment figures. The Dow Jones Industrial Average plunged 171.24 points at the unofficial close.
Stocks took a nose dive to 5470.45 in late afternoon trading.
Dennis Lynch, chief investment officer at Lynch & Mayer Inc., said: ``Talking about a 5% correction isn't saying too much; the question is whether it goes further than that.''
Mr. Lynch said that the early morning drop was a result of the long-awaited employment numbers: Unemployment dropped to 5.5% from 5.8%, adding about 705,000 new jobs. After the Labor Department's positive figures, he said that it would be unlikely the Federal Reserve would cut interest rates.
