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US stocks end lower despite solid jobs report

AFP

Wall Street stocks moved mostly higher in early trade, following a solid US jobs report for July and some strong earningsWall Street stocks moved mostly higher in early trade, following a solid US jobs report for July and some strong earnings

Wall Street stocks moved mostly higher in early trade, following a solid US jobs report for July and some strong earningsWall Street stocks moved mostly higher in early trade, following a solid US jobs report for July and some strong earnings

Wall Street stocks Friday finished lower despite a solid US jobs report and generally good corporate earnings as investors took a cautious stance after Thursday's rout.

At the closing bell, the Dow Jones Industrial Average was down 69.03 points (0.42 percent) to 16,494.27.

The broad-based S&P 500 fell 5.32 (0.28 percent) to 1,925.35, while the tech-rich Nasdaq Composite Index lost 17.13 (0.39 percent) at 4,352.67.

All three indices rallied from their intra-session lows, with the Dow having fallen to 16,437.07 at midday.

US stocks fell about two percent Thursday in a battering that eliminated the Dow's 2014 gains.

"How many people want to jump in the day after we have a 300-point-plus loss in the Dow?" said Sam Stovall, chief investment strategist at S&P Capital IQ.

Stovall said some investors fear a long-awaited correction may be afoot.

European stock markets finished sharply lower for a second day running, with the German DAX sinking 2.10 percent, London's benchmark FTSE 100 index falling 0.76 percent and France's CAC 40 tumbling 1.02 percent.

The Labor Department reported that the US economy added 209,000 jobs in July, down from June but maintaining the solid 200,000-plus monthly streak since February.

Procter & Gamble scored the day's biggest gains in the Dow, rising 3.0 percent after reporting a 38 percent rise in quarterly earnings to $2.6 billion and announcing a plan to eliminate 90-100 underperforming brands.

Date created : 2014-08-01