NEW YORK (TheStreet) -- Stocks reversed in midday trading and are in the red, following the disappointing December jobs report.
The U.S. economy added just 74,000 jobs in December, well below economists' forecast of 200,000. That marks the worst level of monthly job creation in almost three years. Following the jobs report, the U.S. dollar fell, while Treasury bonds rallied on the possibility that the Fed would wind down its bond-buying purchases at a slower pace than expected.
Meanwhile, on Eddie Lampert's one-year anniversary of taking over as CEO, shares of Sears Holdings (SHLD) are falling one day after reporting steep declines in comparable store sales at K-Mart and Sears stores during the holiday season.
Target (TGT) is sliding as well after acknowledging that a payment card data breach during the holiday season affected as many as 70 million people. That's more than double the number it previously estimated had been affected. The company also slashed its fourth-quarter earnings forecast.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.
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