WALL STREET : DJIA Suffers 5th Weekly Losses

Jobs Data Sours Wall Street
Despite a double dose of ominous jobs data this week, the government's highly anticipated nonfarm payrolls report still managed to send the bulls into a tailspin today. Specifically, Uncle Sam confessed that only 54,000 jobs were added last month -- falling way short of expectations for gain of 150,000, and marking the weakest payrolls growth since September. What's more, the unemployment rate rose to a six-month high of 9.1%, defying economists' predictions and further souring the mood on the Street. While a dose of stronger-than-anticipated data from the Institute for Supply Management (ISM) helped to alleviate the pain, all three major market indexes were still swimming in red ink by the close, extending their losing streak to five straight weeks.

The Dow Jones Industrial Average (DJIA – 12,151.26) finished off its intraday low, but still surrendered 97.3 points, or 0.8%, by the time the bell mercifully sounded. Only Wal-Mart Stores (WMT) took the road less traveled, tacking on 0.2%, while Travelers (TRV) finished flat. Meanwhile, Walt Disney (DIS), Dupont (DD), and Alcoa (AA) paced the 28 declining equities with losses of 1.7% apiece. For the week, the Dow gave up 2.3%, extending its retreat to five straight weeks, and marking its first Friday finish beneath both its 10-week and 20-week moving averages since late August.

The S&P 500 Index (SPX – 1,300.16) swallowed a loss of 12.8 points, or nearly 1%, but found support at the round-number 1,300 level. However, the SPX ended the week beneath its own 10-week and 20-week trendlines for the first time since late August. Meanwhile, the Nasdaq Composite (COMP – 2,732.78) fared the worst of the three, giving up 40.5 points, or 1.5%, to settle beneath its 10-week and 20-week moving averages for just the second time in nine months. Like the Dow, the SPX and COMP both shed 2.3% for the week.

HAPPY WEEKEND