Unemployment Increases – Acadiana Business Index
- The Dow was down 274 points to 12118. The S&P 500 lost 32 points to 1278 and the NASDAQ was lower by nearly 80 points to 2747. For the week, the blue-chip index fell 3.3% and both the S&P 500 and the NASDAQ declined 3.2%. The NYSE was 6-1 negative on issues and on volume. Decliners beat advancers on the NASDAQ also by 6-1 on issues and on volume. NYSE Composite volume totaled over 4.5 billion shares.
- Markets fell after a jobs report showed employers added the fewest workers in a year. Non-farm payrolls for May climbed by 69,000, less than the street estimate for a 150,000 advance and the unemployment rate unexpectedly increased to 8.2% from 8.1%. Manufacturing data added to the negative tone as growth slowed across the globe.
- The ISM factory index fell to 53.5 in May and manufacturing in the euro zone dropped to a three-year low while China experienced its weakest production growth since December of last year. As a result, all sectors were in negative territory, led by losses in financials as Bank of America was down 33 cents to $7.02, JPMorgan lost $1.22 to $31.93 and Citigroup fell $1.12 to $25.39.
- In bondland, both the yield on the 30-year bond and the 10-year note hit new record lows with the long bond up over a full point and a half to yield 2.53% and the benchmark note gained 30/32 to yield 1.46%.
For the complete report, click Ken's Market Report.