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| Subject: US Stocks Tumble Monday After Disappointing Jobs Report | |
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Author: Nasdaq Falls 33.42 (1.08%) |
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Date Posted: 15:02:02 04/09/12 Mon In reply to: April 9th 2012 's message, "US stocks tumbled Monday disappointing jobs report" on 14:11:45 04/09/12 Mon US Stocks Tumble Monday After Disappointing Jobs Report 10/04/2012 6:20AM --Stocks decline Monday following the release of new jobs data on Friday --All S&P 500 sectors trade lower; industrials, financials pace declines --Earnings season to kick off with Alcoa's report Tuesday By Matt Jarzemsky Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--U.S. stocks started the week with a sharp loss after Friday's worse-than-expected jobs data cast doubt on the pace of the labor market's recovery. The Dow Jones Industrial Average fell 131 points, or 1%, to 12930, its fourth-straight decline. The session was the first following the labor report's release on the Friday before Easter, a holiday for U.S. markets. The Standard & Poor's 500-stock index lost 16 points, or 1.1%, to 1382, and the Nasdaq Composite slid 33 points, or 1.1%, to 3047. The pullback followed the biggest weekly decline of the year for all three indexes amid concerns about Europe's sovereign-debt woes. All 10 S&P 500 sectors retreated Monday, with industrial and financial stocks tumbling the most. Bank of America led the Dow lower, easing 3.3%. Nonfarm payrolls increased 120,000 in March, the Labor Department reported. The result snapped a three-month streak of 200,000-plus job growth. Economists surveyed by Dow Jones Newswires had expected, on average, an increase of 203,000. "The March payrolls are a reminder that the economy has still not reached escape velocity," said Tim McCandless, senior equity analyst at Bel Air Investment Advisors in Los Angeles. Meanwhile, the unemployment rate fell to 8.2% from February's 8.3%, beating expectations of an unchanged reading and making it the lowest rate since January 2009. But the decline largely reflected that the pool of U.S. workers shrank as people gave up searching for jobs. Investors looked ahead to remarks by Federal Reserve Chairman Ben Bernanke scheduled for a conference in Georgia after the market's close. Debate has mounted about the prospects for more monetary stimulus efforts from the Fed. Tuesday, Alcoa is due to report first-quarter earnings. The aluminum maker's report signals the unofficial start of the corporate-earnings season. "It's show-me mode now; everyone wants the economy to show me what's next," said Rob Verderese, managing director at Knight Capital. "Are we going to stagnate? Is growth going to stop? Is Europe going to be in a full-fledged recession? Is China going to have a hard landing?" Asian bourses were broadly lower in the wake of the weak U.S. jobs data. Japan's Nikkei Stock Average dropped 1.5%, its fifth consecutive loss. China's Shanghai Composite declined 0.9%, snapping a three-day winning streak, as a bigger-than-expected increase in China's inflation added to concerns. Several regional stock markets, including Australia and Hong Kong, were closed. Most European markets remained closed for the Easter holiday and will reopen Tuesday. Crude-oil prices slid 0.8%, to settle at $102.46 a barrel, while gold prices rose 0.9%, to settle at $1,642.50 a troy ounce. The dollar was down against the yen and euro. In corporate news, AOL soared 43% after the company said it agreed to sell more than 800 patents and related patent applications to Microsoft and grant Microsoft a license to its retained patents in exchange for $1.06 billion. Microsoft slipped 1.3%. Medicaid insurers Molina Healthcare and Centene fell as they stand to lose business after the state of Ohio said it is shaking up the ranks of Medicaid health plans. Molina plunged 27% while Centene dropped 15%. Avis Budget Group slipped 3.6% after saying it was removing about 10,000 Ford Focus sedans from its rental fleet in the U.S., Canada and Puerto Rico amid a safety recall related to potential problems with windshield-wiper motors. Ford Motor fell 2%. Illumina edged 0.6% higher after the company said two advisory firms recommended shareholders reject the buyout bid from Swiss drug maker Roche Holding, saying the bid is inadequate. MetroPCS fell 3.7% after Macquarie lowered its stock-investment rating on the company to "neutral" from "outperform" on fears of increased competition from T-Mobile USA in the prepaid segment. Sherwin Williams gained 1% after raising its first-quarter projections and saying net sales in its paint stores rose 20%. Great Wolf Resorts jumped 13% as the operator of 11 indoor water parks in the U.S. and Canada said private investment firm KSL Capital Partners increased a bid to buy the company to $7 a share from $6.25, topping the latest bid from Apollo Global Management of $6.75 a share. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com (END) Dow Jones Newswires April 09, 2012 16:20 ET (20:20 GMT) Copyright (c) 2012 Dow Jones & Company, Inc. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| a Sorry day (NT) | Cricket | 15:03:26 04/09/12 Mon |