Markets End Good Week on Sour Note After Jobs Report (WFC, USB)

Markets cannot manage to finish the week on a high note and suffer losses across the board. A disappointment non-farms payroll report is the major culprit, as reports say the figure only increased by 100,000 in December. A ruling by a Massachusetts court stating two foreclosures made by Wells Fargo (WFC) and US Bancorp (USB) non-enforceable weighed down the financial sector, as well. In other corporate news, Verizon (VZ) announced a huge even on January 11th with little details. Naturally, the web buzz is assuming the wireless provider will announce the Apple (AAPL) iPhone is coming to the network. But we’ll see.

Word on the Street

• Stocks fall on discouraging unemployment figures.
• The euro is weighed down by debt woes in the euro zone and an uninspiring jobs report.
• Federal Reserve Chairman Ben Bernanke shows more confidence in economic recovery as stride may be near.
• The financial sector sinks after courts rule two foreclosures irrelevant because the banks in questions – Wells Fargo (WFC) and US Bancorp (USB) – did not possess the mortgage at the time.
• The Consumer Electronics Show (CES) is underway, but tech gadgets seem to be underwhelming attendees.
• Electronics retailer Best Buy (BBY) sees sales fall in December despite the retail sector reporting largely positive returns.
• Rapidly increasing natural gas prices have helped companies like Dow Chemicals (DOW) reap higher margins and diversify their products.

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