U.S. stocks dip as market shrugs off jobs report; Dow down 0.45%
Published Jan 06, 2012 04:54PM ET
The Dow Jones Industrial Average closed down 0.45%, while the S&P 500 index was down 0.25% and the Nasdaq Composite index finished up 0.31% on Friday.
In the U.S. on Friday, the Bureau of Labor Statistics reported that the economy added a net 200,000 nonfarm payrolls in December, better than forecasts for a 150,000 gain.
The news firmed the dollar, especially since German factory orders came in weaker than expected at -4.8% compared with a forecast for a 1.6% decline, although equities investors sold to take profits, pointing out that the jobs market is still far from stellar.
"It's definitely a solid report, but not a blowout surprise," Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees about $44 billion, told Bloomberg.
"The drop in the unemployment rate is good news, but it may reflect sluggishness in the labor force growth and it suggests that from a policy perspective we still have a lot of work to do."
Leading losers included Alcoa, which fell 2.14%, Bank of America, down 2.06% and DuPont, down 1.31%
Leading gainers included Microsoft, up 1.54%, Walt Disney, up 1.04%, and McDonald's, up 0.77%.
European indices, meanwhile, were mixed.
France's CAC 40 fell 0.24%, Germany's DAX fell 0.62%, while Britain's FTSE 100 rose 0.45%.
On Monday, all eyes will focus on China, which will tentatively release its latest economic growth, inflation and trade balance figures.
Also on Monday, U.S. consumer credit figures will come out, while in Europe traders will keep an eye on Swiss unemployment rates and French consumer spending figures.
The U.K., meanwhile, will release manufacturing and industrial output figures while in Canada, housing starts and building permits will be released.
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Written By: Investing.com
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