The Dow is headed to its 3rd weekly loss in a row as US unemployment hits 9.5%. Oil pulls back.
Updated 3:40 p.m. ET.
This may not be the way anyone wanted to start the Fourth of July weekend.
The Labor Department offered a worse-than-expected jobs picture. A rising dollar slammed commodity prices. And stocks tumbled.
At 3:40 p.m. ET, the Dow Jones industrials ($INDU) were down 178 points, or 2%, to 8,326. The Nasdaq Composite Index ($COMPX) was off 43 points, or 2.3%, to 1,803, and the Standard & Poor's 500 Index ($INX) dropped 21 points, or 2.3%, to 902.
The S&P 500's loss was big enough that it has been flirting with going negative on the year. The Dow and the S&P 500 appeared headed toward their third weekly loss in a row.
The Nasdaq was headed toward its second decline in the last three weeks.
The markets will be closed Friday for the Independence Day holiday.
Lousy economies in the US and Europe depress consumption, and reports suggest OPEC members are cheating.
Updated: 5:45 p.m. ET.
It's been a year since crude oil hit a closing high of $145.29 a barrel and almost a year since crude hit an intraday high of $147.27.
Sure, oil is higher this year. But it's beginning to look like a peak in prices has been achieved at roughly 50% below that 2008 high.
Crude oil was trading below $67 a barrel on today's dismal jobs report and may go lower.
A computer glitch grounds flights, and the stock falls.
As Americans prepare for the July 4 holiday weekend, many travelers at Chicago's O'Hare International Airport are anything but celebratory today.
A computer glitch at UAL's (UAUA) United Airlines has caused cancellations and delays, stranding hundreds of travelers.
More cuts could be coming.
The S&P 500 gained 15% in the second quarter, its largest quarterly gain since 1998, but it was a different picture for companies and their dividends.
Only 233 S&P 500 companies raised their dividends in the second quarter, breaking the old record of 265 in 1958, according to Standard & Poor's 500 senior index analyst Howard Silverblatt. And 250 companies cut dividends in the most recent quarter, the second-highest number of decreases ever, with the record 272 set in 1958.
Financial companies will give out hefty pay packages to retain employees.
Has there really been a recession these past 18 months? The way some big financial companies are planning to dole out pay packages this year, you would never know.
Goldman Sachs (GS) is preparing to pay out up to $20 billion this year, or about $700,000 per employee, The Wall Street Journal reported this morning. The number is based on analysts' earnings forecasts for this year.
Believe it or not, this year's compensation packages would be higher than the $661,000 average payout Goldman made in the good old days of 2007, when the Dow Jones Industrial Average ($INDU) hit an all-time high and there was no recession plaguing the economy. It would also be nearly double the firm's $363,000 average last year, according to the report.
McDonald's adds higher-quality beef to its menu.
McDonald's (MCD) is now catering to true beef lovers. Patrons of the fast food chain now have a big burger option beyond the Quarter Pounder and Big Mac.
The fast food chain will start selling Angus burgers today, at about $4 each. The burgers are made with one-third of a pound of Angus beef and will be sold in all of the company's U.S. locations for the next several months.
The unemployment rate ticks up to 9.5%, and job losses far exceed expectations. Average hourly earnings are flat. Oil pulls back.
Updated at 1:15 p.m. ET
So much for an improving jobs picture. The Labor Department this morning said the economy lost 467,000 jobs last month, a far greater decline than the 325,000 economists had expected.
"It is definitely the big elephant in the room," Phil Flynn, vice president at PFG BEST Research, said to MarketWatch about the jobs data. "It's confirming what we saw earlier in the week with the dropping consumer confidence. (It's) another sign that the optimism of an economic recovery was a bit ahead of itself."
Stocks were sinking on the news. At 1:15 p.m. ET, the Dow Jones Industrial Average ($INDU) was down 171 points, or 2%, to 8,333. The Nasdaq Composite Index ($COMPX) had shed 43 points, or 2.3%, to 1,803, and the Standard & Poor's 500 Index ($INX) was lower by 21 points, or 2.3%, at 902. The markets will be closed Friday for the July Fourth holiday.
The New York Stock Exchange apologizes for mistake.
All American International Group (AIG) needs is another struggle. This time, however, the New York Stock Exchange is to blame.
The NYSE late Wednesday said it erroneously posted a notice of suspension and delisting for AIG on its Web site, but AIG didn't meet the standards for delisting. The exchange typically issues delisting or suspension notices when a company's stock falls below $1 a share or its market capitalization drops below $25 million. The NYSE eased those rules amid the recession as some companies that were once in good economic condition saw their share prices plunge.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.