News Column

Jobs Data Slams Stocks

April 5, 2013

U.S. jobs data from March turned the mood on Wall Street Friday morning, sending stocks south as only 88,000 new jobs were gained in the month.

Economist had expected 200,000 new jobs in the month. The increase, which was the lowest in 10 months, sent a clear message that the U.S. economic recovery was not helping those who were unemployed.

Far more people dropped out of the labor force than found jobs in the month, as the unemployment rate fell one tick to 7.6 percent.

In midmorning trading, the Dow Jones industrial average dropped 1 percent, losing 146.11 points to 14,460. The Standard & Poor's 500 index lost 1.11 percent, 17.37 points, to to 1,542.61. The Nasdaq composite index of tech-dominated stocks gave up 1.43 percent, 46.22 points to 3,178.76.

The 10-year U.S. treasury note rose 21/32 to yield 1.693 percent.

Against the dollar, the euro was higher at $1.3005 from Thursday's $1.2936. Against the yen, the dollar rose to 97.07 yen from Thursday's 96.34 yen.

In Tokyo, the Nikkei 225 index added 1.58 percent, 199.10 points, to 12,833.64.

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Source: Copyright UPI 2013