Bad News About Jobs Spooks Markets
U.S. stocks are ending the day mixed as investors weighed troubling jobs reports.
The Dow Jones industrial average is down 11 points to 13,269. The Standard & Poor’s 500 is down four points to 1,402. The Nasdaq composite was the outlier. After falling throughout the morning, it ended nine points higher at 3,060.
For every four stocks on the New York Stock Exchange that advanced, roughly six fell. Volume was average at 3.8 billion shares.
Investors were weighing a report from payroll processor ADP, which showed that private-sector hiring fell in April. Investors are now waiting for the government’s April jobs report due Friday.
Chesapeake Energy plunged 15 percent after reporting a first-quarter loss. Its CEO is under fire from shareholders and was stripped of his chairman’s title this week.
(Copyright 2012 by The Associated Press. All Rights Reserved.)