Unemployment Rate Remains Unchanged – Acadiana Business Index

Stocks finished Friday’s session lower as a weaker-than-expected employment report raised concerns the U.S recovery is slowing. Mike Hunter has your stock market report on the Acadiana Business Index.

• The Dow lost 124 points to close at 12772. The S&P 500 fell almost 13 points to finish at 1354. The NASDAQ retreated 38 points to end the week at 2937. Breadth on the NYSE was negative by 2 to 1 on issues. NYSE composite volume totaled over 2.6 billion shares. The NASDAQ finished with declining issues outpacing advancers by a 5 to 2 margin.

• The major averages declined today after the Labor Department reported non-farm payrolls rose 80,000 in June versus projections of a 100,000 increase. The unemployment rate remained at 8.2%. All 10 sectors finished the session lower with technology pacing the decline. Shares of Seagate Technology fell 22 cents to $24.85 after it said quarter earnings would come in below forecasts.

• Commodity related stocks weighed on the market as metal and energy prices declined. Alcoa closed down 19 cents at $8.73. Freeport McMoRan shed 46 cents to $35.01 while Chevron retreated 96 cents to $105.07. The decline in energy prices helped lift airline stocks with U.S Airways rising 40 cents to $13.87.

• Disappointment in today’s employment report sent Treasuries higher. The 10-year note gained 13/32 to yield 1.55%.

• For week, the Dow fell 0.8%. The S&P 500 lost 0.5% The NASDAQ managed to finish with a modest gain, up less than 0.1% for the week.