{"id":417523,"date":"2011-05-04T17:56:48","date_gmt":"2011-05-04T17:56:48","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/stocks-slip-on-job-concerns\/"},"modified":"2011-05-04T17:56:48","modified_gmt":"2011-05-04T17:56:48","slug":"stocks-slip-on-job-concerns","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/stocks-slip-on-job-concerns\/","title":{"rendered":"Stocks slip on job concerns"},"content":{"rendered":"
\n

\"dow130.top.png\"<\/a>Click the chart for more stock market data.<\/strong><\/span> By Annalyn Censky, staff reporter<\/span>May 4, 2011: 1:47 PM ET<\/span><\/p>\n

NEW YORK\u00a0(CNNMoney) — Stocks slumped on Wednesday, as disappointing reports on jobs and the services sector revived jitters about the economy.<\/p>\n

The Dow Jones industrial average (INDU<\/a>) fell 86 points, or 0.7%; the S&P 500 (SPX<\/a>) shed 10 points, or 0.7%; and the Nasdaq (COMP<\/a>) slid 17 points, or 0.6%.<\/p>\n

Alcoa (AA<\/a>, Fortune 500<\/a>) and Caterpillar (CAT<\/a>, Fortune 500<\/a>) were the biggest drags on the Dow. Shares of First Solar (FSLR<\/a>) pressured both the Nasdaq and S&P 500.<\/p>\n

Before the opening bell, payroll processor ADP said the private sector created 179,000 jobs<\/a> last month — down from 207,000 in the previous month. That was less than the 200,000 economists had been expecting.<\/p>\n

Later in the morning, the Institute for Supply Management also brought gloomy news, showing its reading on the services sector fell to an 8-month low in April.<\/p>\n

Neither reports spur much confidence ahead of the government’s widely anticipated report on April payrolls, due Friday.<\/p>\n

“People might be slightly more nervous about the economic outlook,” said Sireen Harajli, an associate economist at Credit Agricole in New York. “There’s a shadow of uncertainty going forward.”<\/p>\n

Stocks have been trending generally higher since the start of the year, but investors fear the economy is still on shaky ground.<\/p>\n

They’re waiting to see just how hard businesses were hurt by rising energy prices over the last few months, and keeping a close eye on the looming debt ceiling facing Congress.<\/a><\/p>\n

Meanwhile, Europe’s debt problems were thrust back in the spotlight early Wednesday, after Portugal agreed to a $116 billion financial bailout, according to reports.<\/p>\n

On Tuesday, U.S. stocks struggled for a second session<\/a> as disappointing corporate earnings, and a steep drop in the price of oil, weighed on the broader market.<\/p>\n

Economy:<\/strong><\/a> In addition to ADP’s report on job creation, outplacement firm Challenger, Gray & Christmas issued a report showing employers announced fewer planned job cuts<\/a> in April — even as government sector layoffs mounted.<\/p>\n

Wednesday’s reports on the job market set the stage for Friday’s widely anticipated government jobs report.<\/p>\n

Economists surveyed by CNNMoney expect the unemployment rate to hold steady at 8.8%, while employers added 185,000 jobs in April. For the full year, economists expect 2.3 million new jobs — just under 200,000 per month — and an unemployment rate of 8.4% by year end.<\/p>\n

Companies<\/strong><\/a>: Chinese social networking site Renren (RENN<\/a>) debuted on the New York Stock Exchange at $14 a share<\/a>. Often dubbed the “Facebook of China,” Renren shares have since risen 43% to $20 a piece.<\/p>\n

Before the opening bell, CNNMoney parent Time Warner<\/a> said a surge in advertising sales boosted revenue. But net income dropped. Shares of Time Warner (TWX<\/a>, Fortune 500<\/a>) fell 3.3%.<\/p>\n

Time Warner’s results come on the heels of better-than-expected earnings from CBS Corp. (CBS<\/a>, Fortune 500<\/a>) announced the day before. CBS shares rose 5.5% Wednesday morning.<\/p>\n

After the close, investors will get results from News Corp (NWS<\/a>, Fortune 500<\/a>)., Prudential Financial (PRU<\/a>, Fortune 500<\/a>), WholeFoods (WFMI<\/a>, Fortune 500<\/a>), MetLife (MET<\/a>, Fortune 500<\/a>), and video game publisher Electronic Arts (ERTS<\/a>, Fortune 500<\/a>).<\/p>\n

Shares of Varian Semiconductor (VSEA<\/a>) surged more than 50%, on news that Applied Materials (AMAT<\/a>, Fortune 500<\/a>) will buy the chipmaker in a $5 billion cash deal.<\/p>\n

World markets:<\/strong><\/a> European stocks closed lower. Britain’s FTSE 100 lost and the DAX in Germany each lost 1.8% and France’s CAC 40 fell 1.5%.<\/p>\n

Asian markets ended lower. The Shanghai Composite dropped 2.3%, and the Hang Seng in Hong Kong shed 1.4%. Japan’s market was closed for a holiday.<\/p>\n

Currencies<\/strong><\/a> and<\/strong> Commodities<\/strong><\/a>:<\/strong> The dollar lost ground against the euro, the British pound and the Japanese yen.<\/p>\n

After losing more than 2% in the previous session, oil for June delivery fell an additional $1.84, or 1.7% to $109.21 a barrel Wednesday.<\/p>\n

Other commodities<\/a> also continued to sell-off.<\/p>\n

Gold futures for June delivery fell $26.40 to $1,514 an ounce.<\/p>\n

Silver futures for July delivery dropped $3.40 to $39.20, after sinking more than 7% in the previous session.<\/p>\n

Bonds<\/strong><\/a>:<\/strong> Bond prices moved higher, pushing the yield on the 10-year Treasury note down to 3.23%.\u00a0\"To<\/a><\/p>\n

First Published: May 4, 2011: 9:41 AM ET<\/p>\n<\/div>\n

Read the rest here:
\nStocks slip on job concerns<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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