MARKET SNAPSHOT: U.S. Stocks Dive On Lackluster Jobs Gains

Date : 07/06/2012 @ 10:05AM
Source : Dow Jones News
Stock : Mcdonalds Corp. (MCD)
Quote : 140.49  -0.38 (-0.27%) @ 11:43AM

MARKET SNAPSHOT: U.S. Stocks Dive On Lackluster Jobs Gains

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By Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) -- U.S. stocks tumbled Friday after a report on U.S. jobs growth showed tepid, below-forecast growth last month.

The Dow Jones Industrial Average (DJI) fell 110 points, or 0.9%, to 12,786. The S&P 500 (SPX) fell 11 points, or 0.8%, to 1,356. The Nasdaq Composite (RIXF) lost 21 points, or 0.7%, to 2,955.

For the week, the Dow is heading toward a 0.8% loss, the S&P 500 is off 0.6%, and the Nasdaq Composite is up 0.5%.

The Labor Department reported the U.S. created 80,000 in June versus 100,000 jobs expected from a MarketWatch survey of economists. Hiring slowed sharply in the second quarter, with job growth averaging 75,000 a month versus a 226,000 average in the first quarter.

"There is a risk that instead of a temporary soft patch this could be the beginning of a longer-lasting downshift in economic activity," wrote Nomura Securities economists led by Ellen Zentner.

The early selloff was broad. All 10 S&P 500 sectors were lower, with half down more than 1%. On the Dow, only three of 30 components, led by McDonald's Corp. (MCD), were higher.

Among New York Stock Exchange-listed shares, decliners outpaced advancers by more than seven to one.




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