Afternoon Markets: US unemployment hits 26-year high

US blue chips barely moved off the starting blocks in opening exchanges despite Government data showing US unemployment in August reached its highest level since 1983.

In what many analysts expect to be a quiet session ahead of the Labor Day weekend, the benchmark Dow Jones dipped 1.21 points to trade at 9,343.40 at about 15:30 BST. Figures from the Labor Department showed the US unemployment rate reached 9.7% last month, up from 9.4% in July. But the number of jobs cut was smaller than expected. Chemical giant Du Pont was the biggest loser, down 1.6% to $31.12, while insurance firm Travelers Company and semiconductor firm Intel also dropped. In the opposite direction, Bank of America topped the gainers, adding 2% to $17.18. Meanwhile, in the ...