Stocks Erase Thursday Gains
(NEW YORK) — Stocks edged lower to end the week despite an employment report that surpassed expectations.
The Dow had gained some ground Thursday, but Friday closed down 139 points at 13,093, a loss of more than one percent. The Nasdaq gave up 38 points, closing down 1.26 percent at 2,982. The S&P closed at 1,414, down 13 points.
Stocks for insurers and airlines trended downward on fears that superstorm Sandy will adversely affect their earnings.
The last monthly jobs report before the election, is out. It shows employers created 171,000 jobs in October. More people are competing for those positions. Unemployment rose slightly to 7.9 percent.
Chevron says it earned nearly $5.3 billion in the third quarter, but its earnings were down 33 percent as production declined and it sold oil and gas at lower prices. Chevron is the nation’s second-largest oil company, behind Exxon Mobil.
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