Unemployment Rate Goes Down; Dow Ends Flat: Acadiana Business Index
Stocks run out of steam today as the Dow Jones Industrial Average ended flat at 12,019 and the unemployment rate dropped to 8.6%. Mark Lasseigne has your market report on today's Acadiana Business Index.
- The Labor Department reported 120,000 jobs were created last month, a number much smaller than needed for any meaningful recovery in the jobs market. However the unemployment rate edged down to 8.6%. But the drop was due, partially, to a shrinking of the labor force, with fewer people seeking work.
In corporate news,
- Research In Motion dropped 9.3% after the BlackBerry maker said it would take a $485 million charge in its third quarter, after marking down the value of its large inventory of PlayBook tablets. The company also revised its revenue and earnings projections downward and warned of a continued decline in BlackBerry shipments.
- ConocoPhillips says its 2012 capital program will be higher than it previously projected and will repurchase up to an additional $10 billion in stock. The moves comes as the oil giant prepares to split in two.
- Crude oil closed at $100.96 a barrel
- Gold settled at $1,751 an ounce.