It looked like Wall Street would finish in the blue Friday following an afternoon rally, but the optimism was fleeting and an attack of nerves in the final half hour of trade left the market at a 2010 low.Investors reacted badly to a weaker than expected jobs report. Non-farm payrolls fell by 125,000 in June compared with 431,000 jobs created in May – although that was boosted by temporary census jobs.
Private sector employers added 83,000 new staff, well below forecasts, though double the previous month’s 41,000, of which many were only temporary positions.
The unemployment rate fell to 9.5%, the lowest rate since July last year and down from 9.7% in May.
Few were willing to take on new positions ahead of the long Independence Day weekend just a day after a slew of disappointing economic data out of the States.
Across the markets, the Dow Jones fell 46 points to 9,686, the Nasdaq Composite lost 9 to end at 2,091, while the broader S&P 500 was off 4 at 1,022.
Just three blue chips - Microsoft, Coca-Cola and Johnson & Johnson - managed gains, while Verizon Communications led the fallers.
The telecoms giant has sold its local wireline business in 14 states to Frontier Communications. Frontier is paying with its own shares, which will be distributed to Verizon shareholders.
Rumours that French drug maker Sanofi-Aventis is looking to make a large acquisition pushed up US pharma groups. Botox company Allergan rose over 7% and and genetic disease treatments developer Genzyme was close behind.
Google late Thursday announced the $700m acquisition of ITA Software, whose search engine tools are used to power leading Web-based travel agencies like Chicago-based Orbitz Worldwide.S&P 500 - Risers
Allergan Inc. (AGN) $62.29 +7.21%
Biogen Idec Inc. (BIIB) $49.41 +5.73%
Genzyme Corp. (GENZ) $52.69 +5.68%
Rowan Cos Inc. (RDC) $22.82 +5.21%
Juniper Networks Inc. (JNPR) $24.06 +4.61%
S&P 500 - Fallers
IntercontinentalExchange (ICE) $105.98 -5.90%
Prologis Sbi (PLD) $9.67 -5.20%
Frontier Communications Company (FTR) $7.30 -5.07%
Zions Bancorporation (ZION) $20.70 -4.74%
Verizon Communications Inc. (VZ) $26.81 -4.69%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $23.26 +0.43%
Coca-Cola Co. (KO) $50.05 +0.04%
Johnson & Johnson (JNJ) $59.08 +0.02%
Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $26.81 -4.69%
General Electric Co. (GE) $13.88 -1.70%
Bank Of America Corp. (BAC) $13.83 -1.36%
Caterpillar Inc. (CAT) $59.18 -1.32%
Du Pont E I De Nemours and Co. (DD) $34.06 -1.25%
Nasdaq 100 - Risers
Biogen Idec Inc. (BIIB) $49.41 +5.73%
Genzyme Corp. (GENZ) $52.69 +5.68%
Logitech International S.A. (LOGI) $13.79 +3.22%
Joy Global Inc. (JOYG) $51.29 +3.05%
First Solar Inc. (FSLR) $120.61 +2.69%
Nasdaq 100 - Fallers
Dish Network Corp. (DISH) $17.77 -3.89%
Sears Holdings Corp. (SHLD) $62.52 -3.44%
Liberty Media Corp. Interactive Class A (LINTA) $10.22 -2.57%
Apollo Group Inc. (APOL) $42.25 -2.51%
Expedia Inc. (EXPE) $18.52 -2.40%
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