Stocks and bonds fell sharply Friday on a stronger than expected monthly payrolls report, and earnings warnings weighed on several tech stocks..
The major indexes all lost 1% and long bond yields rose to 5% on news that the economy added more than 200,000 jobs for the second straight month. More importantly, wages also showed some signs of inflationary pressures, putting a dent in hopes that the Federal Reserve will soon end its two-year rate hike campaign.
The Nasdaq fell 22 to 2339, the S&P 500 fell 13 to 1295, and the Dow lost 96 to 11,120. Volume declined to 2.08 billion shares on the NYSE, and 2.03 billion on the Nasdaq. Decliners led 26-6 on the NYSE, and 20-9 on the Nasdaq. Downside volume was 85% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 163-108 on the NYSE, and 178-48 on the Nasdaq.
Earnings disappointments weighed on several names in the tech sector.
Research In Motion
fell 5% after missing estimates and lowering guidance, and Extreme Networks
and Internet Security
fell on their outlooks.
tumbled 19% on a warning and the departure of its CFO.
fell 4.7% on another outage.