Closing Update: Stocks Cut Losses Late But Market Gauges All Fall; Tech, Energy Aid Rebound

4:09 PM, Apr 9, 2012 -- Stocks pared their losses late in Monday's session, recouping a portion of their earlier declines as traders began to shake off pessimism brought on by disappointing March jobs data released late last week. All 10 component sectors in the S&P 500 finished well off their lows for the day as energy prices rebounded this afternoon.

Technology stocks were among the best performers today, falling about 0.5% and helping contribute to moderate declines for the Nasdaq Composite index. The Dow Jones lost 1.0%, unable to close above the 13,000 mark.

Nonfarm payrolls grew by 120,000 in March, the Labor Department reported Friday, snapping a three-month streak that saw employers adding 200,000 or more jobs each of the three months. Experts surveyed by Dow Jones Newswires had expected, on average, an increase of 203,000. The unemployment rate, however, fell to 8.2% from the prior month's 8.3% jobless rate.

Federal Reserve Chairman Ben Bernanke is scheduled later this afternoon at a conference in Georgia after the regular session closes today. There were no other economic reports issued today with most European markets as well as several stock exchanges in Asia closed for the Easter holiday.

In company news, AOL Inc (AOL) shares were sharply after the company agreed to sell over 800 patents and related applications to Microsoft Corp (MSFT) for $1 billion. AOL said it plans to return a "significant portion of the sale proceeds" to shareholders. The internet portal firm still owns about 300 patents and also will maintain use of the technology portfolio under a licensing agreement with MSFT.

Also, Apple (AAPL) shares hit yet another new high today at $639.29 a share, shrugging off a rare downgrade of the high-flying stocks. BTIG Research trimmed it call on AAPL shares, warning that the company's telecom partners may soon rein in their generous iPhone subsidies. "We believe that investors should take a breather during the expected strength of this quarter and the rapid rise in the stock," explained BTIG analyst Walter Piecyk, citing changing dynamics in the wireless industry.

Commodities and derivative trader CME Group (CME) reported it has now cleared over $500 billion in total notional value of interest rate swaps and credit default swaps, including a record $53.3 billion of credit default swaps during March, a 344% increase over February levels. Through last Friday, CME had cleared $393.7 billion in interest rate swaps and $106.5 billion in credit default swaps.

Commodities were mixed, with crude oil and copper falling in response to Friday's employment report while gold gained on U.S. dollar weakness. June gold rose $14.10 to finish at $1644 an ounce, May silver fell $0.21 to $31.51 an ounce while May copper fell $0.08 to close at $3.72. May crude closed $0.84 lower at $102.45 a barrel while natural gas rose $0.02 to $2.11 per 1 million BTU.

Here's where the markets finished at end-of-day:

Dow Jones Industrial Average down 130.78 (-1.00%) to 12,929.36.

S&P 500 down 15.91 (-1.14%) to 1,382.17.

NASDAQ Composite index down 33.42 (-1.08%) to 3,047.08.

GLOBAL SENTIMENT

Hand Seng Index Closed

China Shanghai Composite Index down 0.90%.

FTSE 100 Closed

UPSIDE MOVERS

(+) CALL, Guides above Street view, increases stocks buyback program.

(+) GOLD, Miner said 2012 guidance will not be affected by coup in Mali.

DOWNSIDE MOVERS

(-) MOH, State of Ohio declines to renew firm's Medicaid contract.

(-) CNC State of Ohio also declines to renew its Medicaid contract.

(-) ITMN Downgrade to Sector Perform at RBC Capital.