U.S. stocks zigzagged early Friday in a report better than expected jobs were not enough investors calm. The Dow Jones Industrial Average was recently down 8 points, or 0.1%, and 11 376 in volatile trade. Blue-chip index rose 171 points to the beginning of negotiations, but has lost all its profits in the first half hour of trading. Then it was restored after more than 70 percentage points less.
The Dow Jones fell 512 points Thursday, its biggest drop since December 1, 2008. It is in the red for the year and fell more than 10% below the closing high of 2011 in April, putting it squarely in the territory as the correction.
The Standard & Poor's 500 index fell 2 points, or 0.1% in 1198, led by financial stocks and low tech. Technology-oriented Nasdaq Composite lost 12 points, or 0.5%, to 2544, trade in the tender.
The action comes as the U.S. economy created 117,000 jobs last month was more than economists expected. The unemployment rate edged lower to 9.1%, which should help alleviate concerns that the next recession could be around the corner. Recent reports have shown a decline in private consumption, a slowing manufacturing sector and economic growth sluggish.
"One of the nice number is not enough to change the feelings in this moment," the president said Ted Weisberg Seaport Securities. "People are scared and do not want to take the risk off the table."
Investors had come to trading Friday with bated breath after roller coaster week, during which many began to lose confidence in the ability and willingness to include the governments of flood crisis.
European leaders are trying to expand the debt crisis, which began in Greece and spread to Italy and Spain. Previously, the bailout is now the greek seems to be insufficient. There are increasing concerns of European banks and their heavy investments in tax debt in big trouble.
Foreign markets, Europe was about to sell the European Stoxx 600 index hitting its lowest in over a year. Asian stock markets were sharply lower.
Not a single catalyst for a downdraft on Thursday, traders said. Rather, it reflects the concern that many have increased over the past month and culminated this week. Concern about a U.S. default shall be settled by a last-minute solution to raise the debt limit of the country Tuesday, have given way to more fears about the health of the failing economy.
Although the work report is a bright spot among the gloomy economic data in the U.S., some investors warned that it could be a temporary salve underlying concerns that the economy could be heading for a double dip recession.
"The market is still quite shocked and panic mode," said Binky Chadha, chief U.S. equity strategist at Deutsche Bank. "Our view is encouraged by today's employment, but this data does not break the panic."
Investors are also questionable how much longer the last run of strong corporate results to continue. In the midst of other disorders, corporate profits have been rare bright spot.
Thursday's killing of the Dow stocks was the ninth session in the last 10 years. With losses of 11.1% of 2.011 high hit in April, the index has entered the territory of the correction officer.
In new business, jumped from Procter & Gamble Co. 's earnings in the fourth fiscal quarter of 15% as sales increased worldwide. But the world's largest consumer goods company has been prudent in the current quarter, where price increases have not caught up with rising costs. Shares rose 0.6%.
Priceline.com Inc. surged 10% after the company's online travel services reported second quarter results and outlook for the third quarter were better than expected.
LinkedIn Corp. second quarter profit rose 5.1% on strong revenue growth as the professional networking site added subscribers, a display performance for the company quarterly earnings since going public. Stocks erased morning gains and were recently down 1.6%.
The Dow Jones fell 512 points Thursday, its biggest drop since December 1, 2008. It is in the red for the year and fell more than 10% below the closing high of 2011 in April, putting it squarely in the territory as the correction.
The Standard & Poor's 500 index fell 2 points, or 0.1% in 1198, led by financial stocks and low tech. Technology-oriented Nasdaq Composite lost 12 points, or 0.5%, to 2544, trade in the tender.
The action comes as the U.S. economy created 117,000 jobs last month was more than economists expected. The unemployment rate edged lower to 9.1%, which should help alleviate concerns that the next recession could be around the corner. Recent reports have shown a decline in private consumption, a slowing manufacturing sector and economic growth sluggish.
"One of the nice number is not enough to change the feelings in this moment," the president said Ted Weisberg Seaport Securities. "People are scared and do not want to take the risk off the table."
Investors had come to trading Friday with bated breath after roller coaster week, during which many began to lose confidence in the ability and willingness to include the governments of flood crisis.
European leaders are trying to expand the debt crisis, which began in Greece and spread to Italy and Spain. Previously, the bailout is now the greek seems to be insufficient. There are increasing concerns of European banks and their heavy investments in tax debt in big trouble.
Foreign markets, Europe was about to sell the European Stoxx 600 index hitting its lowest in over a year. Asian stock markets were sharply lower.
Not a single catalyst for a downdraft on Thursday, traders said. Rather, it reflects the concern that many have increased over the past month and culminated this week. Concern about a U.S. default shall be settled by a last-minute solution to raise the debt limit of the country Tuesday, have given way to more fears about the health of the failing economy.
Although the work report is a bright spot among the gloomy economic data in the U.S., some investors warned that it could be a temporary salve underlying concerns that the economy could be heading for a double dip recession.
"The market is still quite shocked and panic mode," said Binky Chadha, chief U.S. equity strategist at Deutsche Bank. "Our view is encouraged by today's employment, but this data does not break the panic."
Investors are also questionable how much longer the last run of strong corporate results to continue. In the midst of other disorders, corporate profits have been rare bright spot.
Thursday's killing of the Dow stocks was the ninth session in the last 10 years. With losses of 11.1% of 2.011 high hit in April, the index has entered the territory of the correction officer.
In new business, jumped from Procter & Gamble Co. 's earnings in the fourth fiscal quarter of 15% as sales increased worldwide. But the world's largest consumer goods company has been prudent in the current quarter, where price increases have not caught up with rising costs. Shares rose 0.6%.
Priceline.com Inc. surged 10% after the company's online travel services reported second quarter results and outlook for the third quarter were better than expected.
LinkedIn Corp. second quarter profit rose 5.1% on strong revenue growth as the professional networking site added subscribers, a display performance for the company quarterly earnings since going public. Stocks erased morning gains and were recently down 1.6%.
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