24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Financial Markets Unimpressed by Jobs Report

Stocks closed sharply lower Friday after rising in the morning as traders dug into a better-than-expected government report on jobs. It didn't take long for investors to turn their attention away from the employment outlook and focus on the damage caused by Superstorm Sandy and how much the repairs will cost.

The Dow Jones industrial average closed down 139.46 points, 1.1%, to 13,093.16. The broader Standard & Poor's 500 index finished down 13.39 points, 0.9%, to 1,414.20, and the tech-laden Nasdaq composite index ended down 37.93 points, 1.3%, to 2,982.13.

The losses erased the week's gains, which were mostly tied to better than expected earnings and a slew of upbeat economic reports that had ignited optimism about the economic outlook.

Source: USA Today. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

advertisement