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U.S. stocks end mixed as jobs optimism fades, Dow up 0.26%

Stock MarketsOct 05, 2012 04:22PM ET
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Investing.com - U.S. stock ended mixed on Friday, wiping out earlier gains after investors applauded better-than-expected jobs data and later viewed the numbers with skepticism.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.26%, the S&P 500 index was down 0.03%, while the Nasdaq Composite index was down 0.42%.

The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labor Statistics reported earlier Friday.

Markets were expecting the rate to rise to 8.2%.

Employers added a net 114,000 nonfarm payrolls in September, while households reported that total employment rose by 873,000 in September following three months of little change.

Analysts were expecting the economy to pick up a net 113,000 nonfarm payrolls.

The number of unemployed Americans stands at 12.1 million, the fewest since January 2009.

More workers took on part-time jobs last month, which accounted for the drop in the headline unemployment rate.

The numbers sparked a risk-on session earlier that sent stock prices rising, though after digesting the report, many investors sold for profits.

Gains in part-time work don't point to a major improvement in the labor market, while 114,000 new jobs depicts an economy still recovering at a tepid pace.

Leading Dow Jones Industrial Average performers included Home Depot, up 2.35%, Boeing, up 1.36%, and DuPont, up 1.23%.

The Dow Jones Industrial Average's worst performers  included Hewlett-Packard, down 1.41%, Bank AT&T, down 1.28%, and Bank of America, down 0.96%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 1.83%, France's CAC 40 rose 1.64%, while Germany's DAX 30 finished up 1.27%. Meanwhile, in the U.K. the FTSE 100 rose 0.74%.    






U.S. stocks end mixed as jobs optimism fades, Dow up 0.26%
 

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