The Week in Stocks – July 6, 2012
The Week in Stocks – July 6, 2012
US stocks posted substantial losses on Friday, giving back all of their gains from earlier in the week, as investors reacted to a hugely disappointing reading on the US labor market. Early in Friday's session, the Labor Dept. reported that the economy gained just 80,000 jobs in June, well below economists expectations and a warning sign for the economy as a whole. In the holiday-shortened trading week, stock fell slightly on Monday and made gains on Tuesday and Thursday before giving them back on Friday.
In Friday's session, the Dow Jones industrial average gained 124 points, or 0.96%, to wind up the week at 12,772.5. Of the Dow's 30 blue-chip components, only McDonald's, Wal-Mart, AT&T, Home Depot and Verizon managed to eke out gains, with none bigger than 0.4 percent. The biggest of the 25 decliners on the index was Hewlett-Packard, which fell 3.5 percent, and Caterpillar Inc., which slid just over 2.5 percent.
The Standard & Poor's 500, meanwhile, dropped nearly 13 points, or 0.94%, to finish at 1,355; and the tech-loaded Nasdaq composite fell 39 points, 1.3%, to 2,937. Bright spots on the S&P included shares of R.R. Donnelley & Sons Co, which rose 5.85 percent after the software provider launched a series of new applications for its ProteusJet Multiweb platform. The Nasdaq got a boost from shares of Lacrosse Footwear, which gained 81 percent on rumors of a completed sale. A total of 25 Nasdaq components made gains in the double digits in Friday's session.
US stocks posted substantial losses on Friday, giving back all of their gains from earlier in the week, as investors reacted to a hugely disappointing reading on the US labor market. Early in Friday's session, the Labor Dept. reported that the economy gained just 80,000 jobs in June, well below economists expectations and a warning sign for the economy as a whole. In the holiday-shortened trading week, stock fell slightly on Monday and made gains on Tuesday and Thursday before giving them back on Friday.
In Friday's session, the Dow Jones industrial average gained 124 points, or 0.96%, to wind up the week at 12,772.5. Of the Dow's 30 blue-chip components, only McDonald's, Wal-Mart, AT&T, Home Depot and Verizon managed to eke out gains, with none bigger than 0.4 percent. The biggest of the 25 decliners on the index was Hewlett-Packard, which fell 3.5 percent, and Caterpillar Inc., which slid just over 2.5 percent.
The Standard & Poor's 500, meanwhile, dropped nearly 13 points, or 0.94%, to finish at 1,355; and the tech-loaded Nasdaq composite fell 39 points, 1.3%, to 2,937. Bright spots on the S&P included shares of R.R. Donnelley & Sons Co, which rose 5.85 percent after the software provider launched a series of new applications for its ProteusJet Multiweb platform. The Nasdaq got a boost from shares of Lacrosse Footwear, which gained 81 percent on rumors of a completed sale. A total of 25 Nasdaq components made gains in the double digits in Friday's session.
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