Continuing strength in the job market Friday had investors wondering whether the economy is slowing down or doing just fine, thank you.
As a result, stocks ended the day lower — the Dow’s sixth straight loss — and bond prices tumbled as yields soared.
October’s jobs growth of 92,000 was lower than expected, but upward revisions to previous months’ reports and a five-year low in the unemployment rate left the overall impression that the job market remains strong. And stronger than expected wage growth fanned inflation fears.
Investors also had earnings reports from a number of high-profile tech companies to sort through.
JDSU , Western Digital
, LookSmart
, Sina
, Gateway
and Qualcomm
gained on their earnings reports.
Computer Sciences and CA
fell after lowering guidance.
Stellent soared on a buyout offer from Oracle
.
The Nasdaq lost 3 to 2330, the S&P 500 slipped 3 to 1364, and the Dow fell 32 to 11,986. Volume declined to 2.36 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Decliners led 17-15 on the NYSE, while advancers led 17-12 on the Nasdaq. Downside volume was 56% on the NYSE, and 55% on the Nasdaq. New highs-new lows were 118-27 on the NYSE, and 83-48 on the Nasdaq.
