Stocks Sag on Jobs Report
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The stock market's winning streak came to an end Friday on a much weaker than expected September jobs report.
News that the economy added just 51,000 jobs last month sent stocks sharply lower in early trading, but they fought their way back to end the day with modest losses. Upward revisions to prior monthly jobs reports left the overall impression that the labor market remains strong.
Still, another hint of economic weakness was enough to end the Dow's record-setting week on a down note.
shares plunged 14% after the company missed earnings and sales estimates, raising questions about its moves to diversify away from its core memory market into flash and other areas.gained 2% on reports that it could acquire YouTube for $1.6 billion.
Global Signaljumped 8% on a takeover offer from Crown Castle.
Mobilityand NMSplunged on warnings, while Interactive Intelligencesurged on its results.
The Nasdaq lost 6 to 2300, the S&P 500 slipped 3 to 1349, and the Dow lost 16 to 11,850. Volume declined to 2.46 billion shares on the NYSE, and 1.72 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 17-12 on the Nasdaq. Downside volume was 66% on the NYSE, and 62% on the Nasdaq. New highs-new lows were 153-17 on the NYSE, and 138-50 on the Nasdaq.