Stocks Flat Despite Negative Non-farm Payrolls Data
Stocks closed mixed on Friday after the monthly employment report showed non-farm payrolls fell the most in five years. The unemployment rate rose to 5.1%, another sign the U.S. economy is slipping into a recession.
The Dow fell -16.61, the Nasdaq Composite rose +7.68, and the S&P 500 +1.09.
Allegheny Technologies
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PowerRating) was the biggest gainer in the S&P 500, as speculation grew the company could be a takeover target. ATI shares rose more than 12%.
General Motors
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GM |
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PowerRating) lost nearly 5%, making it the worst performer in the Dow.
Family Dollar Stores
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FDO |
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PowerRating) reported earnings of $0.45, beating estimates by $0.03 per share. FDO shares lost 3.5%.
Crude oil rose as the dollar fell against the euro and yen, while treasuries rose.
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