US Stocks End Lower on Friday Despite Strong Payrolls Report
PUBLISHED ON: Nov 2, 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.
Word on the Street
- In October the US added 171,000 jobs while unemployment rose one-tenth of a percentage point.
- Buffet says Berkshire Hathaway (BRK) is buying Oriental Trading for $500 million.
- Gold drops 2% to the lowest price per ounce in about two months.
- Chevron Corporation's (CVX) Q3 earnings drop to $5.4 billion due to oil field maintenance.
- Tech stocks including Apple (AAPL) fall deeper despite Friday's official sale of the iPad Mini.
- Hurricane Sandy to cost NY state economy $18 billion due to clean up and temporary losses.
- The Washington Post Co. (WPO) reports sharply higher Q3 earnings.
Posted in ...Daily Market Commentary