U.S. stocks closed lower, Friday, as investors lost their enthusiasm over the better-than-expected jobs report and turned their attention to the upcoming presidential election.
Employment
After trading flat for most of the morning, U.S. stock futures turned higher when the government reported that nonfarm payrolls increased by 171,000 in October. The unemployment rate, meanwhile, ticked up to 7.9% from September's 7.8%. According to MarketWatch, economists expected a 120,000 increase in jobs, with an unemployment rate of 7.9%.
Gains were erased as investors focused on the upcoming election, still uncertain over whether Barrack Obama or Mitt Romney would be better for America's economy. Next Tuesday, November 6, is election day.
In Commodities
December crude oil fell $2.23, or 2.6%, to settle at $84.86 a barrel, its lowest settlement since July 10th. Gold for December delivery sank to $40.30, to settle at $1,675.20 an ounce on the Comex division of the New York Mercantile Exchange after touching a low at $1,674.80.
Here's Where The Markets Stood At End-Of-Day:
- Dow Jones Industrial down 139.46 (-1.05%) to 13,093.16
- S&P 500 down 13.39 (-0.94%) to 1,414.20
- Nasdaq down 37.93 (-1.26%) to 2,982.13
- Nikkei up 1.17%
- Hang Seng up 1.33%
- Shanghai Composite up 0.60%
- FTSE-100 up 0.11%
- DAX-30 up 0.38%
- (+) PCLN, Tops Q3 Estimates, Guides in Line for Q4.
- (+) TPC, Q3 EPS Top Estimates, Revenues Below.
- (+) HGG, Tops Q3 EPS Estimates, Revenues Below.
- (-) PSEC, Prospect Capital Selling 35 Mln Shares in Offering.
- (-) ALU, Declines on results.
- (-) FLR, Misses Q3 Expectations.