U.S. stocks are looking to close the week down once again, marking the fifth straight week of the market trending lower. Weak economic data is also once again blamed for sparking the sell off. According to the U.S. Department of Labor, employers only added 54,000 jobs last month. The number was the smallest increase to U.S. jobs in the past eight months, and down dramatically from 220,000 average increase from the three months prior. Hiring in the private sector is also slowing. Analysts had already lowered their jobs forecast to just under 100,000 from as high as 190,000 this week. On a positive note, the European Union and International Monetary Fund have agreed to pay Greece another installment of the $161 billion bailout package, hopefully setting the stage for a new aid agreement.
Major U.S. Stock Indicies
DJIA: 12,201.29 (-0.39 percent)
S&P 500: 1,308.07 (-0.37 percent)
NASDAQ: 2,756.09 (-0.62 percent)
Russell 2000: 814.82 (-0.72 percent)
In other news:
- Is Groupon (GRPN) really insolvent? [Minyanville]
- Everyman and disgraced two-time presidential candidate John Edwards has been indicted for misappropriation of campaign funds to hide his two-timing ways. [WaPo]
- Moody’s Investor Services (MCO) is on a downgrading frenzy. Next target, U.S. debt if Congress doesn’t raise the borrowing cap. [NY Times]
- Consumer tech companies sacrifice overseas employee safety for cheaper costs. What consumer would categorize Apple (AAPL) products as “rock-bottom prices,” though? [WSJ]
- U.S. housing data may look bad, but that’s only the bad houses have already been sold. [CNBC]
Check back for more news.