Markets Slip Despite Lower Unemployment


0  Updated at 3:06 pm, October 5th, 2012 By: ABC Digital
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Hemera/Thinkstock(NEW YORK) — Stocks seemed to retreat Friday despite a jobs report showing the unemployment rate has dropped to 7.8 percent.

The Dow added just three points in afternoon trading Friday, closing at 13,578. The blue chips had posted advancements of as much as 87 points earlier in the day. The Nasdaq and S&P indexes slipped 12 points and one point, respectively.

The Labor Department said Friday that the U.S. economy added 114,000 jobs in September taking last month’s unemployment rate from 8.1 percent to 7.8 percent. The jobless rate has fallen below eight percent for the first time since January 2009.

Meanwhile, the looming debt troubles in Europe continue to burden U.S. stock markets. A board member at the European Central Bank said Friday that it’s not certain Greece will receive rescue funds in November.

Copyright 2012 ABC News Radio

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