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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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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lost nearly 5%, making it the worst performer in the Dow.

Family Dollar Stores
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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.

Market Snapshot

Dow

-16.61 12609.42

NASDAQ

+7.68 2370.98

S&P 500

+1.09 1370.40

Economic
News

Non-farm Payrolls (Mar): Actual -80K, Consensus -70K

Unemployment Rate (Mar): Actual 5.1%, Consensus 4.9%