Stocks Ended Lower on Jobs Disappointment
U.S. stocks closed broadly lower Friday as disappointing data on jobs growth fueled broad losses among equities and commodities. The Dow Jones Industrial Average fell 124.20 points, or 0.96%, to close at 12,772.47. The S&P 500 shed 12.90 points, or 0.94%, to 1,354.68, losing 0.6% for the week. The Nasdaq Composite shed 38.79 points, or 1.30%, to 2,937.33, ending the week 0.1% higher.
American employers added fewer workers to payrolls than forecast in June and the jobless rate stayed at 8.2 percent as the economic outlook dimmed. American employers added fewer workers to payrolls than forecast in June and the jobless rate stayed at 8.2 percent as the economic outlook dimmed.
Best Buy Co. (NYSE:BBY) , the largest U.S. electronics retailer, is laying off a total of 2,400 store and Geek Squad tech support employees. About six hundred of the jobs will be from its 20,000-person Geek Squad unit with the other 1,800 coming from store staff. Best Buy has a total of 167,000 employees.