Unemployment data undermine stocks - UPI.com NEW YORK, June 1 (UPI) -- U.S. market indexes showed steep losses Friday after the U.S. Labor Department said the unemployment rate climbed from 8.1 percent to 8.2 percent in May. The report came a day after the U.S. Commerce Department revised its first-quarter estimate for the gross domestic product from 2.2 percent growth to 1.9 percent. By close of trading on Wall Street, the Dow Jones industrial average shed 274.22 points (2.22 percent) to 12,118.56, behind its 2012 starting point of 12,217,56. The Standard & Poor's 500 lost 32.29 points (2.46 percent) to 1,278.04. The Nasdaq Composite dropped 79.86 points (2.82 percent) to 2,747.48. On the New York Stock Exchange, 447 stocks advanced and 2,630 declined on a volume of 4.4 billion shares traded. The benchmark 10-year treasury note rose 30/32 to yield 1.461 percent. The euro rose to $1.2426 from Thursday's $1.2364. Against the yen, the dollar hit 78.08 from 78.31 yen. In London, the FTSE 100 index gave up 0.86 percent, 45.97 points, to 5,274.89.