Stock market wavers as Europe's economy slows
NEW YORK — Renewed worries about Europe overshadowed an encouraging U.S. jobs report on Thursday, leaving major stock indexes about where they started.
Germany's economy shrank more than expected late last year, and the slowdown in Europe's largest economy deepened the region's ongoing recession.
That's a troubling sign for America, because sales to Europe have been a boon for U.S. companies.
The Dow Jones industrial average fell 9.52 points to close at 13,973.39.
After a strong start, the stock market has drifted sideways over the previous week with few major events to sway investors.
That calm could disappear soon, said Doug Cote, chief market strategist at ING U.S. Investment Management.
With recessions in Europe and Japan, and weak growth in America, he's bracing for some turbulence. “Everybody is too complacent,” Cote said.
Cisco Systems fell 1 percent. The world's largest maker of computer-networking equipment reported earnings late Wednesday that surpassed Wall Street's expectations, but the company predicted sales growth that was weaker than previous estimates. Cisco's stock lost 15 cents to $20.99.
The Standard & Poor's 500 index edged up 1.05 to 1,521.38. The Nasdaq composite index rose 1.78 to 3,198.66.
The S&P 500 index has climbed 1.6 percent this month and has gained 6.7 percent for the year.
The number of people applying for unemployment benefits fell to 341,000 last week, the lowest level in three weeks, according to the Labor Department.
Besides a few weeks last month affected by seasonal trends, that's the lowest level in nearly five years.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- EPA talks on pollution limits trigger protests, arrests Downtown
- It’s lights out for Bayer sign on Mt. Washington
- Amazon.com distribution center planned for Pittsburgh’s West End
- Sunoco Logistics’ 300-mile pipeline dealt setback
- Lenders could move against Anchor Hocking as extension expires
- Investor helps Anchor Hocking’s parent win reprieve from lenders
- Huntington Bancshares to cut 200 jobs; won’t say how many in Pittsburgh
- Look out for auto insurance discounts
- U.S. stocks slump as earnings disappoint