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%.

  • Loading Comments...
  •  
1 2 3 4
Next >

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,328.89 1,102.47 2,211.69 35.46
Oil *
73.88
UP
20.63
UP
6.40
UP
31.64
UP
0.59
10 Yr
3.55%
SPDR Gold
108.95
+0.20%
+0.58%
+1.45%
+1.69%
Data delayed 20 minutes

More From TheStreet

Latest Headlines

Brokerage Partners

TheStreet Premium Services

All Services