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Stocks tumbled on Thursday, weighed down by signs of deterioration in the labor market and concern over the outlook for corpo

rate profits. 

Concern about the U.S. labor market and the broader economy were compounded by news showing that sluggish growth was also emerging abroad. Euro zone economic data point to a weakening in growth at midyear, ECB President Jean-Claude Trichet said.

Shares of Caterpillar, the maker of bulldozers and excavators, and a major exporter, fell to $64.01 on the New York Stock Exchange, while Boeing shares dropped to $63.34.

Shares of technology companies, seen most vulnerable due to extensive global exposure, fell.

Shares of networking equipment maker Cisco Systems (CSCO.O) were a top drag on the S&P 500, with a drop of 4 percent at $22.38 on Nasdaq.

BlackBerry devices maker Research In Motion (RIM.TO) (RIMM.O) was the top Nasdaq drag, falling more than 3 percent to $11.08. Shares of iPod and iPhone maker Apple (AAPL.O) dropped 1 percent to $165.24.

The bleak economic news overshadowed a solid August sales report from Wal-Mart Stores (WMT.N), the world’s largest retailer, whose stock rose 0.8 percent to $60.24.

Labor market jitters were sparked by a weekly government report showing an unexpected jump in the number of filings for jobless benefits and by a report by ADP Employer Services showing U.S. private employers slashed 33,000 jobs in August.

Top drags included shares of economic bellwethers such as Caterpillar Inc (CAT.N), down more than 5 percent, and Boeing (BA.N), whose stock slid more than 4 percent after the plane maker’s largest labor union said its members had rejected the company’s contract offer and voted to strike.

“The job market has been just a slow drip of bad news,” said John Augustine, chief investment strategist at Fifth Third Asset Management in Cincinnati, Ohio.

“That’s better than an open faucet, but it’s still bad news for the economy. The stock market is struggling because it’s waiting for better labor market news.”

The Dow Jones industrial average (.DJI) slid 232.94 points, or 2.02 percent, to 11,299.94. The Standard & Poor’s 500 Index (.SPX) dropped 21.35 points, or 1.67 percent, to 1,253.63. The Nasdaq Composite Index (.IXIC) declined 41.59 points, or 1.78 percent, to 2,292.14.

A lower close will mark the fourth day of losses for both the Nasdaq and the S&P 500.

The economic data was all the more unnerving for investors as it came just a day before the all-important release of the government’s August non-farm payrolls report.

Stocks tumbled on Thursday, weighed down by signs of deterioration in the labor market and concern over the outlook for corporate profits.

Labor market jitters were sparked by a weekly government report showing an unexpected jump in the number of filings for jobless benefits and by a report by ADP Employer Services showing U.S. private employers slashed 33,000 jobs in August.

Top drags included shares of economic bellwethers such as Caterpillar Inc (CAT.N), down more than 5 percent, and Boeing (BA.N), whose stock slid more than 4 percent after the plane maker’s largest labor union said its members had rejected the company’s contract offer and voted to strike.

“The job market has been just a slow drip of bad news,” said John Augustine, chief investment strategist at Fifth Third Asset Management in Cincinnati, Ohio.

“That’s better than an open faucet, but it’s still bad news for the economy. The stock market is struggling because it’s waiting for better labor market news.”

The Dow Jones industrial average (.DJI) slid 232.94 points, or 2.02 percent, to 11,299.94. The Standard & Poor’s 500 Index (.SPX) dropped 21.35 points, or 1.67 percent, to 1,253.63. The Nasdaq Composite Index (.IXIC) declined 41.59 points, or 1.78 percent, to 2,292.14.

A lower close will mark the fourth day of losses for both the Nasdaq and the S&P 500.

The economic data was all the more unnerving for investors as it came just a day before the all-important release of the government’s August non-farm payrolls report.

Concern about the U.S. labor market and the broader economy were compounded by news showing that sluggish growth was also emerging abroad. Euro zone economic data point to a weakening in growth at midyear, ECB President Jean-Claude Trichet said.

Shares of Caterpillar, the maker of bulldozers and excavators, and a major exporter, fell to $64.01 on the New York Stock Exchange, while Boeing shares dropped to $63.34.

Shares of technology companies, seen most vulnerable due to extensive global exposure, fell. Shares of networking equipment maker Cisco Systems (CSCO.O) were a top drag on the S&P 500, with a drop of 4 percent at $22.38 on Nasdaq.

BlackBerry devices maker Research In Motion (RIM.TO) (RIMM.O) was the top Nasdaq drag, falling more than 3 percent to $11.08. Shares of iPod and iPhone maker Apple (AAPL.O) dropped 1 percent to $165.24.

The bleak economic news overshadowed a solid August sales report from Wal-Mart Stores (WMT.N), the world’s largest retailer, whose stock rose 0.8 percent to $60.24.

Stocks tumbled on Tuesday as investors confronted fresh signs that the recession is worsening and worried that efforts to stabilize the beleaguered financial system may not prove sufficient.

Energy shares slid along with plunging oil prices, sending Exxon Mobil (XOM.N) down 4.3 percent to $71.41. U.S. front-month crude dropped 6.7 percent, or $2.54, to $34.98 a barrel amid concern the deepening recession will sap energy demand.

Among big manufacturers, shares of 3M Co (MMM.N) fell almost 4 percent to $47.55, while Caterpillar Inc (CAT.N) shed 5.1 percent to $29.36. On Nasdaq, shares of iPod and iPhone maker Apple Inc (AAPL.O) were a top drag, down 3.5 percent at $95.78. The semiconductor index (.SOXX) fell 5 percent.

Wal-Mart (WMT.N) was the only stock higher in the 30-component Dow industrial average after the retailer posted a quarterly profit that beat Wall Street’s forecasts. It was up 3.3 percent at $48.07.

U.S. President Barack Obama is due to sign a $787 billion economic stimulus bill into law on Tuesday, but investors are fearful that the measure would not help soften the impact of the 14-month-old recession soon enough. The White House hopes the package will save or create 3.5 million jobs

The slide took the benchmark S&P 500 below the 800 level for the first time since the bear market low of November 21, weighed by financials, energy companies and big manufacturers.

Shares of Bank of America (BAC.N) fell 10.2 percent to $5 on the New York Stock Exchange, as shares of JPMorgan (JPM.N) lost nearly 9 percent to $22.53. Wells Fargo (WFC.N) dropped more than 7 percent to $14.54, as the KBW Banks index (.BKX) tumbled 7.2 percent.

“There’s still trouble in the banking sector, trouble with respect to corporate earnings and nothing that we’ve seen is going to reverse that in the short term,” said Dan Greenhous, market analyst at Miller Tabak & Co in New York.

“I don’t believe equities are appropriately priced for weakness through the entirety of 2009.”

The Dow Jones industrial average (.DJI) slid 263.95 points, or 3.36 percent, to 7,586.46. The Standard & Poor’s 500 Index (.SPX) dropped 32.62 points, or 3.95 percent, to 794.22. The Nasdaq Composite Index (.IXIC) tumbled 53.90 points, or 3.51 percent, to 1,480.46.

Before the market’s open, a report showing that manufacturing production in New York state fell to a record low in February added to worries about the deepening recession among investors already fearful that a new U.S. economic stimulus package won’t be a quick fix.

In Japan data showed on Monday that the world’s second biggest economy sank deeper into recession with its worst quarterly contraction since the oil crisis in the 1970s.