The Market Story
Jobs Report Pummels Stocks
01/04/08 - 04:40 PM EST
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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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