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Stocks fall after disappointing jobs report
Source: Agencies |
April 1, 2010, Thursday
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STOCKS fell on the final day of the first quarter after a payroll company's report gave investors a surprising reminder that the job market remains weak.
Despite a moderate drop yesterday, the Dow Jones industrial average logged its best first quarter since 1999 and the Standard & Poor's 500 index posted its strongest first-quarter advance since 1998.
ADP said yesterday that private employers slashed 23,000 jobs in March. Economists surveyed by Thomson Reuters had forecast the report would show private employers added 40,000 jobs during the month.
The ADP report is seen as an early indicator of the Labor Department's monthly employment report, which is due out Friday. However, there can be wide variations between the two.
Economists expect the government report to show employers added 190,000 jobs in March. It would be only the second monthly increase in jobs since the recession began in late 2007. The number could be somewhat inflated because the government hired temporary workers to conduct the 2010 census.
Employment growth is considered vital to a strong recovery because it could give consumers more confidence to spend money. Consumer spending is the biggest driver of the nation's economy.
Energy stocks rose after President Barack Obama reversed a ban on oil drilling off most U.S. shores.
The market has been rising since March last year when major stock indexes hit 12-year lows. In the past two months, the move higher has been marked by a string of more modest gains. Analysts hope the incremental advances will make it easier for the market to hold its ground.
According to preliminary calculations, the Dow Jones industrial average fell 50.79, or 0.5 percent, to 10,856.63. The Standard & Poor's 500 index fell 3.84, or 0.3 percent, to 1,169.43, while the Nasdaq composite index fell 12.73, or 0.5 percent, to 2,397.96.
For the quarter, the Dow is up 4.1 percent, while the S&P 500 index is up 4.9 percent. The Nasdaq is up 5.7 percent.
Despite a moderate drop yesterday, the Dow Jones industrial average logged its best first quarter since 1999 and the Standard & Poor's 500 index posted its strongest first-quarter advance since 1998.
ADP said yesterday that private employers slashed 23,000 jobs in March. Economists surveyed by Thomson Reuters had forecast the report would show private employers added 40,000 jobs during the month.
The ADP report is seen as an early indicator of the Labor Department's monthly employment report, which is due out Friday. However, there can be wide variations between the two.
Economists expect the government report to show employers added 190,000 jobs in March. It would be only the second monthly increase in jobs since the recession began in late 2007. The number could be somewhat inflated because the government hired temporary workers to conduct the 2010 census.
Employment growth is considered vital to a strong recovery because it could give consumers more confidence to spend money. Consumer spending is the biggest driver of the nation's economy.
Energy stocks rose after President Barack Obama reversed a ban on oil drilling off most U.S. shores.
The market has been rising since March last year when major stock indexes hit 12-year lows. In the past two months, the move higher has been marked by a string of more modest gains. Analysts hope the incremental advances will make it easier for the market to hold its ground.
According to preliminary calculations, the Dow Jones industrial average fell 50.79, or 0.5 percent, to 10,856.63. The Standard & Poor's 500 index fell 3.84, or 0.3 percent, to 1,169.43, while the Nasdaq composite index fell 12.73, or 0.5 percent, to 2,397.96.
For the quarter, the Dow is up 4.1 percent, while the S&P 500 index is up 4.9 percent. The Nasdaq is up 5.7 percent.
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