Stock Opened Sharply Lower after Weak Jobs Report

U.S. stocks opened sharply lower Friday after the government’s report on U.S. jobs growth in June showed surprisingly weak hiring in June. The Dow Jones Industrial Average lately was down 90.40 points, or 0.71%, at 12,629.09. The S&P 500 lost 12.35 points, or 0.91%, to 1,340.87. The Nasdaq Composite fell 21.67 points, or 0.75%, to 2,850.99.

U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months. The Labor Department said on Friday taht nonfarm payrolls rose only 18,000, the weakest reading since September, well below economists’ expectations for a 90,000 rise. The unemployment rate climbed to a six-month high of 9.2 percent, even as jobseekers left the labor force in droves, from 9.1 percent in May.

Prices on U.S. 30-year Treasury bonds rose more than a point on Friday, extending earlier gains.The 30-year bond US30YT=RR, the longest U.S. government maturity, last traded up 1-4/32 in price for a yield of 4.30 percent, down 7 basis points from late on Thursday.

Ameron International Corp. said Friday that its profit tumbled 90 percent in the second quarter due to weak construction markets and a lull in fiberglass pipe demand in Asia.The Pasadena, Calif., pipe manufacturer reported net income of $989,000, or 11 cents per share, for the three months ended May 29. That compares with $9.5 million, or $1.03 per share, in the same period last year. Revenue slipped 1.3 percent to $134.7 million from $136.5 million a year ago.

Regis Corp.’s fiscal fourth-quarter revenue from hair salons open at least a year fell 1.7 percent as the company behind the Supercuts chain, reported a decline in customer visits. Total revenue for the three months ended June 30 edged up 0.3 percent to $591.8 million, beating the $588.9 million that analysts surveyed by FactSet predicted.


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