Dow Falls Slightly; National Unemployment Rate Remains Steady: Acadiana Business Index
- Markets faced headwinds after Fitch downgraded its ratings on Italy and Spain, two of Europe’s largest economies. The company also placed Portugal on watch for possible downgrade.
- The Dow Jones Industrial Average fell 20 points to 11,103.
- The U.S. economy added 103,000 jobs in September, more than expected, but the unemployment rate at remains stuck at 9.1%. The gains were aided by the return of 45,000 Verizon workers after a strike.
- And, U.S. consumer credit fell sharply in August, taking the biggest drop in more than a year as Americans were cautious about their finances amid a shaky economic outlook.
- Sprint Nextel spooked investors, saying it needed to raise money to roll out its own nationwide 4G wireless network. The decision is a shift away from partner Clearwire's technology. S dropped 12% to lead the S&P 500's decliners. CLWR fell 32%.
- And, Research In Motion said it will buy Irish software firm NewBay. The BlackBerry maker has been fighting to maintain its share of the smartphone market. RIM down 4.3%.
- Oil prices closed at $82.79 a barrel.
- And Gold settled at $1,635 an ounce.