| Advertisement |
NEW YORK, Jan. 13 (UPI) -- A U.S. jobs report and an extended rally both worked against Wall Street stock markets Monday. On Friday, the Labor Department said 74,000 jobs were added to the economy in December and that the unemployment rate had dropped from 7 percent to 6.7 percent.
Advertisement
The number of jobs was well under the 200,000 figure economist had expected. The percentage drop was equally disheartening as it meant large numbers of people were giving up on looking for work, which takes them out of the statistical pool that makes up the unemployment rate.
Investors are also up against a rally that ran through to the last day of 2013, but may be in retreat with stocks simply overpriced.
On Monday, the blue-chip Dow Jones industrial average gave up 179.11 points, 1.09 percent, to 16,257.94. The Standard & Poor's 500 shed 23.17 points, 1.26 percent, to close at 1,819.20.
The Nasdaq lost 61.36 points, 1.47 percent, to 4,113.30.
On the New York Stock Exchange, 886 issues advanced and 82,247 declined on a volume of 3.5 billion shares traded.
In Europe, London's FTSE 100 added 17.21 points, 0.26 percent, to reach 6,757.15.
The 10-year U.S. treasury was yielding 2.829 percent, up 9/32.
The euro traded higher at $1.367 and the dollar was higher against the yen at 103.01 yen.
Gold added $5.70 to hit $1,252.60 an ounce on the Comex division of the New York Mercantile Exchange. Silver added 16.7 cents to reach $20.39.
Crude oil was off $1.14 in late trading at $91.58 per barrel.
On the Chicago Board of Trade, March corn added 1.5 cents to $4.3425 per bushel. Soybeans gained 16.5 cents to $12.95. Wheat gained 3.5 cents to $5.725.
