Stocks mixed after unemployment rate falls

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February 5, 2010

The Associated Press Associated Press Fri Feb 05, 2010, 09:15 AM CST

NEW YORK —

NEW YORK (AP) — Stocks traded in a narrow range early Friday following mixed news from a monthly employment report. The Dow Jones industrial average hovered right around the 10,000 line.

The Labor Department's closely watched monthly jobs report found that the unemployment rate unexpectedly fell in December to 9.7 percent from 10 percent.

At the same time, however, employers cut 20,000 jobs, more than the 5,000 analysts expected, according to Thomson Reuters. The two numbers are calculated from different surveys.

Timothy Speiss, head of Eisner LLP's Personal Wealth Advisors group, said the improving unemployment rate was a good sign. But, he said, investors are well aware that the problems in the economy that have stocks falling in recent weeks are still there.

"There will be excitement, relief about the number," Speiss said. "But we need to keep going."

The Dow fell 25.16, or 0.3 percent, to 9,977.02 in the first hour of trading.

The Standard & Poor's 500 index fell 2.04, or 0.2 percent, to 1,061.07, while the Nasdaq composite index rose 0.01, or less than 0.1 percent, to 2,125.44.

Declining stocks outpaced rising ones three-to-one on the New York Stock Exchange.

On Thursday, stocks plunged on deepening worries about the global economy, sending the Dow plunging 268 points.

The latest drop in stocks reflects concerns three members of the euro currency bloc — Greece, Spain and Portugal — will have trouble tightening budget controls to manage mounting deficits, helping to derail a recovery in Europe.

Stocks initially declined last month after China said it would rein in loose bank lending standards to cool its economy and avoid speculative bubbles. President Barack Obama's calls for tighter regulations on U.S. banks then added to investors' concerns.

Overseas markets all sold off following the sharp declines in the U.S. on Thursday.

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