Weak Jobs Data Leads to Mixed Day, Apple (AAPL) Reaches New High
Stocks were flat on Friday after weaker than expected job growth was reported for August. Although the unemployment rate fell from 8.3% to 8.1%, the economy added only 96,000 new jobs compared to an estimate of 125,000. On a brighter note, shares of Apple (AAPL) reached an all-time high ahead of its new iPhone launch, which is expected to happen on Wednesday. Nokia (NOK) announced that it will start selling a "make or break" smartphone in November, which pushed shares up over 6%.General Electric (GE) also ended the day at a 52-week high.
Word on the Street
- Gold prices surged on weak jobs data.
- Intel (INTC) cut it's third quarter on weak demand, causing shares to drop.
- Apple (AAPL) said it plans to launch a web radio service, which would challenge Pandora (P).
- Oil prices rose for a third consecutive day as jobs report raised speculation the Fed will boost stimulus measures.
- The Canadian dollar rose to a 1 year high vs the US dollar as a result of positive Canadian jobs report.
Published on Sep 7, 2012By InvestorGuide Staff