4:20 pm : A disappointing jobs report prompted sellers to knock stocks sharply lower in the first few minutes of trading. Stocks then locked into an extremely narrow trading range until the S&P 500 slipped below the psychologically significant 900 level in the final half-hour of trading.

Following an uninspiring finish to the previous session, stocks had already been showing weakness ahead of the government's latest jobs report, which was released shortly before the opening bell. However, sellers became emboldened when the June Nonfarm Payrolls report indicated that 467,000 jobs were lost last month. That marked pickup from the 322,000 jobs that were lost in May, and topped the 365,000 losses that were widely expected.

Meanwhile, the national unemployment rate now stands at 9.5%, which isn't quite as bad as the 9.6% that was expected, but it still marks a 25-year high. According to Reuters, the White House expects unemployment rate to climb to 10% in next two to three months. Average weekly hours came in at a slightly worse-than-expected 33.0. Since hours often lead payrolls and employers are cutting back hours suggests that hiring remains a long ways off, which will damper consumer spending and hopes of a consumer-led economic recovery.

May factory orders made a surprisingly strong 1.2% increase, which bested the 0.9% increase that had been forecast. The stock market attempted to pare some of its losses following the orders announcement, but the disappointing jobs report dominated headlines and overshadowed the encouraging orders data.

5:01PM Bank of Florida Provides update for Q2 2009 (BOFL) 3.341 -0.05 : Co provided an update for the second quarter 2009. As part of an on-going initiative to support capital levels, insiders of Bank of Florida and other accredited investors placed an additional $4.1 mln in the co through the issuance of 165 units of convertible preferred stock and warrants at $25,000 per unit. The preferred stock is perpetual and nonvoting, has a liquidation preference of $25,000, and pays a quarterly dividend of $625. Each warrant permits its holder to purchase 720 shares of BOFL common stock at $3.47 per share at any time during the ten year period commencing on June 29, 2009. The warrants are nontransferable. Additional sales and issuances of Units are expected to occur between July 1, 2009 and July 14, 2009.

5:00PM IDT Energy strikes deal with BP to supply electricity and gas (IDT) 1.65 +0.03 : Co said that it has selected BP Energy as its preferred supplier of electricity and natural gas in New York State. Under the terms of the multi-year agreement, BP Energy will be the supplier of choice for IDT Energy.

4:43PM Northgate Minerals: Matachewan first nation signs impact and benefits agreement with Northgate Minerals Corp (NXG) 2.20 +0.03 : Co Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) and the Matachewan First Nation are pleased to announce that the parties have signed an Impact and Benefits Agreement ("IBA") for the Young-Davidson project located in Matachewan, Ontario. The IBA establishes a framework for the permitting and development of a mine on the Young-Davidson property and sets out a variety of co-operative initiatives between the Matachewan First Nation and Northgate relating to employment, training and other business opportunities in connection with the project. The IBA follows on the Memorandum of Understanding, which was signed in March 2008. The Young-Davidson property is located in the Abitibi greenstone belt of northern Ontario, 60 kilometres west of Kirkland Lake. The property has hosted two past producing mines, both with track records of successful mining during the mid-20th century. Since its acquisition of the property in late 2005, Northgate has invested $55 million in surface diamond drilling and underground development, which has increased the total measured and indicated gold resources on the property to 3.3 million ounces as at December 31, 2008. Pre-feasibility work, which began earlier this year, is now largely complete and Northgate will announce the results of this work later this month followed by a revised NI 43-101 Technical Report filed on SEDAR in August.