Stock Market Watch

Stocks End Sharply Lower

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Stocks ended sharply lower on Friday, with all three major indexes finishing at session lows. Stocks tumbled after a disappointing jobs report for the month of May. Weak Chinese economic data and concerns about the euro zone debt crisis also weighed down investors’ sentiment.

Speaking to CNBC, Doug Roberts, managing partner at Channel Capital Research, said that whether the stock selloff continues through the summer really depends on the government. Roberts said that if the Fed starts making news about QE3, then you can start to see this selloff is going to be relatively short-lived.


The Dow Jones ended 2.22% lower at 12,118.57, the S&P 500 ended 2.46% lower at 1,278.04, and the Nasdaq ended 2.82% lower at 2,747.48.

All sectors in the S&P 500 ended the day sharply lower. Consumer Cyclical was the worst performer in the S&P 500 on Friday, ending the day 3% lower. Industrials ended the day 2.90% lower. Conglomerates ended the day 2.52% lower. Technology sector ended the day 2.91% lower.

Among the major losers in trading on Friday were Swift Transportation Co. (NYSE: SWFT), which ended the day 12.44% lower at $9.29, PulteGroup Inc. (NYSE: PHM), which ended the day 11.75% lower at $8.26, and Facebook Inc. (NASDAQ: FB), which ended the day 6.35% lower at $27.72.

On the economic front, a report released by the Labor Department on Friday showed that the U.S. economy added only 69,000 jobs in the month of May, well below forecast of 150,000 jobs. The unemployment rose to 8.2% from 8.1%. A separate report showed that construction spending rose less than forecast. The ISM’s manufacturing index also disappointed.

European markets ended mostly lower on Friday, with the FTSE 100 Index in London closing 1.14% lower, and the CAC 40 Index in Paris closing 2.21% lower.








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edliston
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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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.

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