Stocks Erase Early Gains, Despite Strong Jobs Report
(NEW YORK) -- U.S. stocks took a negative turn Friday morning, giving up nearly all of its 116-point gain posted in early trading.
Just an hour after the release of a strong jobs report showing that employers had added 195,000 jobs in June, stock index futures rose as well as 10-year treasury bonds. However, the Dow Jones Industrial Average was up only 29 points at 15,017 in late morning trading on Friday.
According to one analyst who spoke to The Wall Street Journal, U.S. market activity was thin for a day with a jobs report, which usually carries heavier trading. The light activity was likely due to closed markets on Thursday for the July Fourth holiday. With that closure, stocks missed a global rally from a report that the European Central Bank would keep interest rates low, the Journal reported.
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