Stocks on Wall Street struggled to recoup losses during the week's final session after nonfarm payrolls fell by a larger-than-expected 131,000 last month.The key jobs report added to a stream of economic data over recent weeks that indicate the US recover
Stocks on Wall Street struggled to recoup losses during the week’s final session after nonfarm payrolls fell by a larger-than-expected 131,000 last month.
The key jobs report added to a stream of economic data over recent weeks that indicate the US recovery continues to weaken.
Also weighing on investors was a decline in consumer credit amid increased saving by households. Consumer credit outstanding fell 0.7% in June, while the national saving rate rose to 6.4% from 6.3% in May.
At the close, the Dow Jones Industrial Average was down 21.42 points, or 0.2%, to 10,653.56. The blue-chip index recovered much of its 160-point morning drop to gain 1.8% during a week of light volumes.
The Nasdaq Composite slid 0.2% to 2288.47, while the S&P 500 index was down 0.4% at 1121.64.
Cyclical stocks led the broad declines, with industrial, energy and financial stocks bearing the brunt of the pain.
Other markets: Europe, Asia down
European markets ended lower, The Stoxx Europe 600 index declined 1.1% to 258.71 points. Despite the day's losses, the index gained 1.3% for the week, its second weekly gain in the past three.
The UK’s FTSE 100 index fell 0.6% to 5332.39 points, but managed a 1.4% gain for the week, its fourth of the past five. Royal Bank of Scotland Group dropped 1.7%, even as it reported a return to profit.
Germany’s DAX index fell 1.2% to 6259.63, but rose 1.8% for the week. The biggest decliners included Heidelberg Cement, down 3.8%, and car maker Daimler, which fell 2.3%.
The French CAC-40 index ended down 1.3% at 3716.05 as shares of PSA Peugeot Citroen dropped 3.7%. The index gained 2% for the week, its third weekly advance in a row.
Asian stockmarkets were generally weaker, but Chinese shares rose solidly, buoyed by hopes that Beijing may ease bank credit later this year to support economic growth.
The benchmark Shanghai Composite Index ended up 1.4% at 2658.39, gaining 0.8% for the week for its third consecutive weekly rise.
The Nikkei Stock Average of 225 companies fell 0.1% to 9642.12. It ended the week up 1.1%, rising for four of the past five weeks. Australia's S&P/ASX 200 and Korea's Kospi Composite were little changed.
Hong Kong's Hang Seng Index closed up 0.6% at 21,678.80 and India's Sensex was down 0.2% at 18,143.99.
Commodities: Oil down, gold up
Crude-oil futures fell for a third consecutive day as weakness in the US job market hit expectations for energy demand.
Light, sweet crude for September delivery settled down $US1.31, or 1.6%, at $US80.70 a barrel in New York, the lowest settlement price since July 30.
Brent crude on the ICE futures exchange ended down $US1.45, or 1.8%, at $US80.16 a barrel.
Gold futures climbed as investors sought less riskier assets.
The most actively traded gold contract for December delivery rose $US6, or 0.5%, to settle at $US1,205.30 an ounce in New York.
Currencies: Dollar down, yen up
The US dollar tumbled after the disappointing US jobs, touching the lowest point of 2010 at ¥85.03 yen and flirting with a 15-year low.
The euro rose to a three-month high of $US1.3333, while the UK pound advanced to the strongest point in six months at $US1.6002. The euro was at $US1.3280, compared with $US1.3191 late on Thursday.
The dollar weakened to ¥85.38 from ¥85.82, the euro moved to ¥113.38 from ¥113.21 and the UK pound strengthened to $US1.5958 from $US1.5893.
