Stocks end lower after disappointing jobs report
NEW YORK — Stocks fell on Wall Street Friday after the government reported that employers added the fewest jobs in nine months in March and more people gave up looking for work.
The Dow Jones industrial average ended 40.86 points lower at 14,565.25, a loss of 0.3 percent. The index was down as much as 171 points in the early going. It rose gradually throughout the day to reclaim much of its early loss.
Employers added just 88,000 jobs in March, according to the Labor Department's monthly survey. That's half the pace of the previous six months. The report was far worse than economists had forecast and a disappointment for investors following positive signs on housing and the job market over the winter.
In other trading, the Standard & Poor's 500 index fell 6.70 points, or 0.4 percent, to 1,553.28. The index logged its worst week of year, falling 1 percent.
Technology stocks fell the most of the 10 industry groups in the index, dropping 1 percent. Among big decliners in tech stocks, Cisco Systems fell 43 cents, or 2 percent, to $20.61. Oracle dropped 34 cents, or 1 percent, to $32.03.
Investors were reducing their exposure to risk.
The utilities and telecommunications industries bucked the downward trend in the market. Both rose 0.4 percent. The rich dividends and stable earnings provided by those companies make them attractive to investors who want to play it safe.
Natural gas companies were among the best performers on the S&P 500 as the price of the fuel rose 4.5 percent on concerns about supplies. The price of the fuel has risen 21 percent since the start of the year.
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.
- Findlay company owed another $27M, judge decides
- Rising number of health care workers have less than 4-year degree, study shows
- Wesco posts higher profit, lowers full year outlook
- Health insurers will refund $5.2M to Pa. subscribers, group plans
- Wabtec 2Q profit jumps 18.9%; raises forecast for year
- Dick’s cuts PGA professionals as golf business declines
- EQT posts $110.9 million profit in latest quarter
- AK Steel to acquire Severstal plant in Michigan for $700M
- Europe thirsts for U.S. craft beer
- Study: Google dominates driverless car buzz
- Chrysler recalls up to 792K Jeep SUVs for ignition switch defect