Stocks Fall on Jobs Report; Oil Drops, Too

Business

0  Updated at 2:41 pm, May 4th, 2012 By: ABC Digital
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Hemera/Thinkstock(NEW YORK) — The underwhelming monthly employment report  helped to push the markets down to end the week. With investors concerned about the pace of economic growth in the U.S., the Dow dropped 158 points, the Nasdaq lost 62 and the S&P closed down 21 points Friday.
 
President Obama Friday said the latest jobs data is a good sign for the economy, with unemployment down to 8.1 percent. Still, he adds, there is more to do. Only 115,000 jobs were created last month — far fewer than the 154,000 added in March.  
 
Meanwhile, it could be a good time to gas up. Oil prices are dropping below $100 a barrel for the first time since February. The price for crude-oil fell 4 percent to $98.49. Analysts say we’re in what’s known as the “shoulder” season. It’s really not winter anywhere in the world, and demand for crude is down.
 
Copyright 2012 ABC News Radio