Jobs Report Weighs Stocks Down

Stocks retreated on Wednesday as indicators pointed to weakness in the economy. The Dow Jones Industrial Average lost 39.22 points to finish the session at 9,280.97. The retreat reverses Wall Street's recent run, which has been spurred by better-than-expected second-quarter corporate results. Reports from ADP and outplacement firm Challenger on job losses reiterated the challenges that the labor market is currently facing. Shares of troubled insurer , American International Group (AIG) shot up 70% ahead of second-quarter results. Other beaten-down financials enjoying big gains included Freddie Mac (FRE), Fannie Mae (FNM) and CIT Group (CIT). U.S. light crude oil for September delivery settled up 55 cents at $71.97 a barrel. Treasury prices fell , with the yield on the benchmark 10-year note jumping to 3.76%.

Corporate News Making Headlines

People will not leave Goldman Sachs (GS) alone. The company's second-quarter results still have people asking a whole lot of questions. The main question is how the heck they generated $100 million in trading revenue on a record 46 separate days? The investment bank said in a regulatory filing that the government has launched investigations into pay practices and credit derivatives trading. Goldman has to lose its Gordon Gekko image.

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Creditors of Lehman Brothers have been lining up ever since the company filed for bankruptcy last September. New York City is the latest creditor seeking a big check from the financial services firm. NY is alleging that the bankrupt company shortchanged the city of $627 million in corporate and other taxes. The firm should probably hold on to the $950 million that it wants to use for a struggling bank unit.

Some additional details on the Microsoft (MSFT) and Yahoo (YHOO) agreement have emerged. According to a filing with the Securities and Exchange Commission , the software giant will pay Yahoo $50 million a year for three years. This is a big difference from the $45 billion that was originally offered . 400 employees from Yahoo will soon be packing up their cubicles and moving to Microsoft as part of this deal. Some investors may not be pleased with this agreement, but Carl Icahn is perfectly happy with it.

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The new man at the helm of Procter & Gamble Co. (PG) has his work cut out for him . Bob McDonald has to find a way to steer the world's largest household-products maker through a rough economy. P&G reported that fourth-quarter profit fell 18 percent as consumers curbed spending.

Economy Watch

Job losses may be finally starting to ease. According to ADP, a payroll firm, the private sector eliminated 371,000 jobs in July. That amount is far less than the 463,000 jobs that were cut in June. Some analysts are taking this news as a good sign that the job market may finally be starting to improve. Many Americans would probably beg to differ based on the number of individuals losing jobs every day. Job losses may be easing, but the declines still remain steep . Has the market reached a bottom or is it in for bigger losses ?

With all these numbers about employment being thrown out, it's hard to figure out which ones provide a true snapshot of current conditions. What numbers can you trust ?

Video - ADP Employment Report Analysis

Jobs recovery: Wait till next year

Two big sectors of the United States economy appear to be heading in opposite directions. Manufacturers seem to be making a turnaround. Factory orders unexpectedly rose in June. The majority of analysts were expecting the number to decline after orders increased 1.2 percent in May. On the other hand, the service sector weakened in July as businesses continued to cope with worsening conditions.

Full Report on Manufacturers' Shipments, Inventories and Orders

Other Juicy Tidbits

For all the skeptics out there, Berkshire (BRK.A) earnings may show that Buffett hasn't lost his touch . Did you really doubt the Oracle of Omaha?

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