The Market Story

Jobs Report Pummels Stocks

Stock quotes in this article: INTC , AAPL , DELL , ORCL , MER , MS , GS  

The report comes two days after the ISM manufacturing index showed a decline to 47.7 in December, indicating a contraction in the factory sector.

"Disappointing ISM manufacturing data suggests slowing economic activity," said Bill Stone, chief investment strategist with PNC Wealth Management. "[The] high prices paid component has market participants talking about stagflation."

In corporate news, Intel weighed on the Dow for a third straight session after JPMorgan Chase downgraded the chipmaker to neutral from overweight. The firm cited a slowdown in order rates. Shares were off 8.1% at $22.67.

Overseas markets were mostly lower. Japan's Nikkei 225 reopened after an extended holiday break and dropped 4%, while Hong Kong's Hang Seng rose 2.4%. Among European bourses, London's FTSE 100 slid 2%, and Germany's Xetra Dax was behind by 1.3%.

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