Positive Jobs Report Fails to Lift Stocks

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing mixed despite a surge in hiring last month that pulled the unemployment rate to its lowest level in nearly three years.

The government said Friday that the unemployment rate fell in December to 8.5 percent, while U.S. employers added 200,000 jobs.

Yet stocks were mixed all day as traders fretted about Europe's ongoing debt drama. Italy's borrowing costs have spiked to dangerous levels, and Europe can't afford to bail it out. Economic data there is worsening.

The Dow closed down 56 points, or 0.5 percent, at 12,360. The S&P 500 closed down 3, or 0.3 percent, at 1,278. The Nasdaq closed up 4, or 0.2 percent, at 2,674.

Falling stocks slightly outnumbered rising ones on the New York Stock Exchange. Volume was light at 3.5 billion shares

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  • by Gerry Location: Tallahassee on Jan 7, 2012 at 04:58 AM
    The jobs report issued in January always includes temporary hiring for the Xmas season. For what it's worth, the unemployment rate for December of 2010 was 9.4%, and for December of 2009 was 9.9%. Source: Bureau of Labor Statistics The Dow closed up 142 points over its close last Friday.
  • by Frank on Jan 6, 2012 at 06:32 PM
    This 'positive jobs report' includes temporary hiring for the Christmas season. Why should the DOW get excited?
    • reply
      by JES on Jan 8, 2012 at 05:57 AM in reply to Frank
      The market prices in the economic data estimates months ahead of the event. If you follow financial analyst, most said the UE rate was priced in.
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