(By Salman - iStockAnalyst Writer)US stocks plunged on Thursday after weaker-than-expected jobs data dented hopes of a rapid economic recovery. The Dow Jones Industrial Average tumbled 212.29 points or 2.50% to finish at 8,291.77. The S&P 500 subtracted 26.01 points or 2.82% to end at 897.32. The Nasdaq Composite decreased 49.20 points or 2.67% to 1,796.52. A release by Department of Labor on Thursday showed U.S. employers slashed 467,000 net jobs in June. Economists were expecting a drop of 365,000 in non-farm payrolls. Unemployment rate jumped to 9.5%. Consensus estimates were for jobless rate to increase to 9.6%. A separate release by Department of Labor on Thursday showed number of Americans filing first- time claims for unemployment benefits fell 16,000 to 614,00 in the week ending June 27. Economists expected jobless claims to drop to 615,000. The four-week average of seasonally adjusted initial jobless claims, a less volatile gauge, decreased 2,700 to 615,250.  Continuing claims for the week ending June 20 dropped 13,750 to 6.75 million. Shares of Alcoa Inc (NYSE: AA), the largest aluminum maker, plunged 49 cents or 4.73% to $9.86. Equipment maker Caterpillar Inc. (NYSE: CAT) tumbled $1.45 or 4.37% to $31.74. Airplane maker Boeing Co. (NYSE: BA) lost $1.40 or 3.32% to $40.83.  Financial finished with substantial losses. JP Morgan Chase (NYSE: JPM) plummeted $1.50 or 4.44% to $32.27. Bank of America Corp. (NYSE: BAC) slid 41 cents or 3.14% to $12.64. American Express Co. (NYSE: AXP) subtracted 73 cents or 3.17% to $22.77.  Among energy stocks, Exxon Mobil (NYSE: XOM) dropped $2.07 or 2.93% to $68.43. Chevron Corp. (NYSE: CVX) fell $2.10 or 3.16% to $64.42.  Shares of home improvement retailer Home Depot Inc. (NYSE: HD) lost 90 cents or 3.80% $22.81. Drugmaker Merck & Co. (NYSE: MRK) declined $1.04 or 3.71% to $27.01. Electric utility Exelon Corp.