Markets: a battered stock market recovered from a sharp drop in late trading Friday but still posted its fourth straight weekly drop.
But for the second straight day, there was unsettling economic news. On Thursday, the Dow fell 268 on growing worries about the global economy. The U.S. unemployment rate unexpectedly fell in January to 9.7% from 10%, the government reported. At the same time, however, employers cut 20,000 jobs, more than the gain of 5,000 economists predicted. The two numbers are calculated from different surveys. Timothy Speiss, head of Eisner LLP's Personal Wealth Advisors group, said the improving unemployment rate was a good sign, but that investors are well aware that other problems exist in the world's economies. The jobs report came as more troubling news emerged in Europe that Portugal and other weak economies were falling behind in efforts to control their deficits.
The Dow Jones industrial average closed the week down 55.10, or 0.5%, at 10,012.23. The Standard & Poor's 500 index fell 7.68, or 0.7%, to 1,066.19. The Nasdaq composite index fell 6.23, or 0.3%, to 2,141.12.
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|Title Annotation:||WALL ST./FINANCE|
|Date:||Feb 8, 2010|
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