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US Stocks End Lower on Friday Despite Strong Payrolls Report

By: , dated November 2nd, 2012
Despite initial optimism due to recent positive employment data, US stocks ended lower on Friday. 171,000 employees were added to the payrolls last month, exceeding forecasts. This jobs report will be the last before the presidential election next Tuesday. Materials shares and energy dragged down the S&P 500 despite yesterday’s significant rally for the index. Both the Dow Jones and Nasdaq were in the red on Friday as well. Apple (AAPL) dropped over 3% despite beginning to officially sell the iPad Mini in stores. In addition, Chevron (CVX) missed earnings expectations and saw shares drop lower. Gold dropped 2% to under $1,680 an ounce, the first time below that mark in about two months. This weekend officials of G-20 nations will meet in Mexico City, with the European debt crisis most likely in focus.

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