Stocks Ended Lower after Weak Jobs Report

U.S. stocks pared earlier losses to close modestly lower Friday as investors weighed implications of a dismal jobs report on the Federal Reserve monetary policy decision in two weeks. The Dow Jones Industrial Average fell 31.5 points, or 0.2%, to 17,807.06 and posted a 0.4% weekly loss. The S&P 500 was down 6.13 points, or 0.3% at 2,099.13 to end the week virtually flat. The Nasdaq Composite declined 28.85 points, or 0.6%, to 4,942.52, but still finished the week higher, up 0.2%.

U.S. hiring slowed to a near-standstill in May, sowing doubts about the economy’s health and complicating the Federal Reserve’s efforts to raise interest rates.While unemployment slid from 5 percent to 4.7 percent, the lowest since November 2007.

Oil prices tumbled more than 1 percent on Friday, extending losses after weekly data showed U.S. drillers added rigs for only the second time this year. July WTI crude settled at $48.62 a barrel on the New York Mercantile Exchange, down 55 cents, or 1.1%.

About the Author

has written 15946 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks