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Wall Street Closing
Published in Saudi Press Agency on 03 - 07 - 2010

Stocks ended a volatile session modestly lower Friday, with the three major indexes ending at new 2010 lows, following a weaker-than-expected U.S. jobs report for June. Stocks fell through most of the session as investors considered the jobs report ahead of a long Independence Day holiday weekend. All U.S. financial markets are closed Monday.
In U.S. economic news, employers cut 125,000 jobs last month, more than the 100,000 expected by economists. Most of the decline was a result of the 225,000 temporary census employees that were let go after the conclusion of population-counting survey. The private sector added 83,000 jobs, less than the 112,000 economists had forecast. The unemployment rate fell to 9.5 percent from 9.7 percent. Economists predicted it would rise to 9.8 percent.
A second report showed factory orders falling a bigger-than-expected 1.4 percent in May after rising 1 percent the previous month.
The U.S. dollar fell versus the euro and rose slightly versus the yen. Light sweet crude oil for August delivery fell 81 cents to $72.14 a barrel on the New York Mercantile Exchange. Gold rose $1 to $1,207.70.
The Dow Jones industrial average fell 46.05, or 0.5 percent, to 9,686.48. Twenty-seven of the index's 30 components fell, led by Verizon Communications, 3M, J.P. Morgan Chase, IBM, Chevron, and Caterpillar. The broader Standard & Poor's 500 index fell 4.79, or 0.5 percent, to 1,022.58. The technology-heavy Nasdaq composite index fell 9.57, or 0.5 percent, to 2,091.79.


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