Markets End Week on Sour Note (VZ, AAPL)

Stocks retreat to finish the week with losses despite encouraging economic news. Unemployment dipped to 8.9% by adding over 192,000 jobs. Sectors cutting jobs, though were retail and state and local governments as they deal with budget cuts. Nonetheless, oil prices continued to rise as Libya unrest persists, pushing stocks downward. In corporate news, the new Apple (AAPL) iPad 2 is set to hit Verizon Wireless (VZ) on March 11.

Word on the Street

• Rising oil prices cause Wall Street to vacate weekly gains.
• The NFL and the NFL Player’s Association agreed to extend labor talks one week.
• UBS (UBS) CEO is the first large company head to forgo their bonus for 2011.
• Democrats and Republicans set to battle over budget cuts next week in the Senate.
• Fall in unemployment provides optimism for investors among an otherwise bleak week.
• The Verizon Wireless (VZ) iPad 2 will be available to subscribers next week.
• Watts Waters (WTS) misses estimates but speculation remains positive.

Interesting Tidbits

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• Read the story of the 19-year-old kid taking on Google.

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