Disappointing Employment Numbers Send Down Major Indices (MSFT, SNE)
Stocks fell sharply today, as an employment report on March disappointed investors. Only 120,000 jobs were created in March, nearly half the monthly job creation of the two prior months. In corporate news, Microsoft (MSFT) will be buying 800 AOL (AOL) patents for over $1 billion. Another ailing company, Sony (SNE), will reportedly be laying off 10,000 employees in order to cut costs.
Word on the Street
- Major indices were down over 1 percent as only half as many new jobs were created in March as there were in February.
- Facebook is buying popular photo-sharing app Instagram for $1 billion.
- Microsoft (MSFT) is buying 800 patents from AOL (AOL).
- Investors still seem to favor the yellow pages, a seemingly outdated product.
- It's possible that gas prices have finally peaked.
- Sony (SNE) will be cutting 10,000 jobs.
Published on Apr 9, 2012By InvestorGuide Staff