Stocks finish lower on unemployment report

Stocks recovered from a gruesome unemployment report and the first drop in factory orders in five months to finish with fractional losses Friday.

The blue-chip Dow Jones Industrial Average ($INDU) shed 22 points, or 0.2 percent, to close at 9,488, while the broader S&P 500 ($INX) dipped five points, or 0.5 percent, to 1,025. The tech-heavy Nasdaq Composite ($COMPX) fell four points, or 0.2 percent, to finish at 2,054.

Unemployment ticked up to 9.8 percent, the highest level since 1983, but that was in line with economists' average estimate. Nonfarm payrolls, however, declined by 201,000, far more than the average forecast for a drop of 175,000.

The biggest laggards among the 30 Dow components were General Electric (GE), shares of which tumbled nearly four percent, Cisco Systems (CSCO), which retreated almost two percent, and Hewlett-Packard (HPQ), which fell 1.5 percent.

For more on stocks making moves today, check out BloggingStocks' market wrap.

Read Full Story