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The Dow Jones industrial average sank Friday after a report showed employment growth and gloomy federal government takes legal action against banks like Bank of America and Goldman Sachs, the New York Times.

The Dow Jones fell 253.31 points to close at 11,240.26, up 2.2 percent of the final on Thursday. Nasdaq lost 73 points to 2473 and the S & P 500 fell 32 points to 1172.

"The increased volatility has led companies to question the sustainability of the recovery," Fannie Mae chief economist Doug Duncan told the Los Angeles Times. "More companies are likely to be on the fence with regard to future employment This increases the chances of direct job losses in the coming months and put the odds of a recession in the coming years by many. "

The Los Angeles Times reports that employers are limiting their recruitment and reduce employee hours. Private sector employees worked an average of 34.2 hours per week, according to the report of the use of the Ministry of Labour, while the average hourly wage was $ 23.09.

The government paid 17 000 jobs, mainly in education, according to the Los Angeles Times. Manufacturing experienced negative earnings in August 3000, as opposed to the 36,000 jobs created in July.

However, the unemployment rate remained at 9.1 percent neutral, because the part-time job growth, which many say is the only work available.

While the lack of employment growth investors dismayed Friday, the ongoing trial by the Federal Housing Finance Agency of the major banks like Bank of America and Chase for the loss of Freddie Mac and Fannie Mae sent shares of the bank to low, according to the Wall Street Journal.

Wall Street financial storm calmed down with Irene.Shares were hit by a barrage of bad economic news this summer has increased yesterday amid relief for damage caused by the hurricane, with glimmers of hope on the economic horizon.

The collective sigh of relief sent the benchmark Dow Jones Industrial Average close to balance in 2011.

Dow closed 2.26 percent or 254.71 points at 11,539.25. The index started to 11,577.43.

The S & P 500 also rose, extending its first weekly gain since July, rising 2.8 percent in 1210.

More cheerful mood yesterday's Wall Street was also due in part to growing expectations for more than Obama's plan post-Labor Day job.

Financial advantages are optimistic that Barack Obama, who earned low marks for his handling of the economy thus far, will be a step forward and take decisive action with the plan of new jobs, which will launch the weekend after Labor Day .

"They are working in this great plan, and people begin to believe and no one wants to run in front of it," one hedge fund operator.

The proposal "put more money into the pockets of working families and middle class families," Obama said yesterday at the White House Rose Garden after the appointment of Alan Krueger as president of the White House Advisory Council Economic.

Also helps to push economic clouds dark side - even temporarily - of good news coming out of Greece, which has been the focus of fears of debt crisis of Europe.

Greece lenders second and third largest in the transfer agreement to create the largest bank in the country, which should help to strengthen the new economic giant in the debt crisis.

At home, continued the Bank of America goes to climb from 5.8 percent after the bank confirmed that it will sell 13.1 billion shares in China Construction Bank Corp.

The news comes on the heels of the announcement last week that billionaire investor Warren Buffett will invest $ 5 billion in the bank, trying to allay fears that he needs to raise new capital.

The shares were also lifted by the clear evidence that the damage of Irene, which flooded the east coast and cut power to millions of people this weekend, it would be a catastrophe.

Insurance stocks rose to new estimates put the cost of damages to $ 2 billion to $ 3 billion - less than half of what was expected.

Shares of insurers have joined the news, Allstate Corp ending with more than 8.5 percent, to $ 26.30.