Stocks Plunge on Weak Jobs Report
"I think it would take something of [drastic] nature to undermine the recovery, but at the same time that recovery - I would characterize the recovery as fluctuations around a mediocre trend. That's kind of what it is; we're bouncing around a growth trend that is, for a lack of a better word, just pretty darn mediocre," said Feinman.
July oil futures settled down by $3.19 at $83.34 a barrel. August gold futures jumped $58.70 to settle at $1622.90 an ounce.
The benchmark 10-year Treasury was higher by 30/32, lowering the yield to 1.461%. The greenback was losing 0.19%, according to the dollar index.
In corporate news, BP (BP) said Friday it has received "unsolicited indications of interest" for its 50% stake in TNK-BP, Russia's third-largest oil producer.BP's stake in TNK-BP could be worth more than $30 billion, according to The Wall Street Journal. Shares closed up 0.8%. General Motors (GM) said vehicle sales rose 11% in May to 245,256 vehicles over the same month a year ago, its highest monthly total since August 2009. The stock lost 1%. Ford (F) said sales of vehicles rose 13% in May, led by rapid growth in pick-up truck sales. The stock closed down 4%. Shares of Groupon (GRPN) finished more than 9% lower. The company's post-IPO lock-up has expired, freeing up more shares for trading. --Written by Shanthi Bharatwaj in New York.
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