Stocks End on a Mixed Note
Stocks finished on a mixed note in trading today as initial enthusiasm over a surprise drop in U.S. unemployment rate faded. However, all three major indexes posted gains for the week.
The Dow Jones ended the day 0.26% higher at 13,610.15, the S&P 500 ended the day 0.03% lower at 1,460.93, and the Nasdaq ended the day 0.42% lower at 3,136.19.
For the week, the Dow Jones rose 1.29%, the S&P 500 rose 1.41%, and the Nasdaq rose 0.64%.
Stocks got off to a strong start in trading today as investors digested nonfarm payrolls data for the month of September. According to figures released by the Labor Department, the U.S. economy added 114,000 jobs in September. The unemployment rate, meanwhile, fell unexpectedly to 7.8% in September. This is the first time in nearly four years that the unemployment rate has fallen below 8%.
The surprise drop in unemployment rate lifted investors’ sentiment and pushed all sectors in the S&P 500 higher earlier today. However, the rally faded in late trading.
Technology sector was the worst performer in the S&P 500 today, ending the day 0.66% lower. Consumer Cyclical sector also fell sharply in trading today, ending the day 0.24% lower. Conglomerates were the best performers in the S&P 500 today, ending the day 0.47% higher.
Among the major gainers and losers in trading today were Groupon Inc. (NASDAQ: GRPN), which ended the day 9.17% higher at $5.24, Zynga Inc. (NASDAQ: ZNGA), which ended the day 11.90% lower at $2.48, Avon Products Inc. (NYSE: AVP), which ended the day 7.21% higher at $17.39, First Solar Inc. (NASDAQ: FSLR), which ended the day 11% lower at $20.07, and Constellation Brands Inc. (NYSE: STZ), which ended the day 4.26% higher at $36.20.
European markets ended mostly higher in trading today, with the FTSE 100 Index in London closing 0.74% higher, and the CAC 40 Index in Paris closing 1.64% higher. Asian markets also rose overnight, with the Nikkei 225 Index in Japan closing 0.44% higher, and the Hang Seng Index in Hong Kong closing 0.50% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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