US STOCKSMarket slips on deeper job losses
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By Jennifer Coogan
NEW YORK, April 4 (Reuters) - U.S. stocks edged lower on
Friday after news of an unexpectedly large decline in payrolls
tempered earlier optimism about the jobs market, but the market
was still poised to end the week on a high note.
Shares of for-profit education companies were trading
higher on expectations that a dimming employment picture will
increase demand for training. Shares of Corinthian Colleges
(COCO.O: Quote, Profile, Research), Career Education Corp (CECO.O: Quote, Profile, Research) and ITT Education
(ESI.N: Quote, Profile, Research) were all up more than 10 percent.
Data from the Labor Department showed a third straight
month of nonfarm job losses despite a report on Wednesday
showing a gain in private-sector employment that had fostered
optimism about Friday’s U.S. jobs report. For more see
[ID:nN04420853].
Due to strong gains on Tuesday, when Lehman Brothers
(LEH.N: Quote, Profile, Research) put to rest liquidity concerns by amassing $4 billion
in fresh capital, the S%26amp;P 500 index is on track to end the week
up 4.1 percent and the Dow up 3.1 percent. The Nasdaq composite
index, up 4.7 percent since Monday, is poised for its best week
since August 2006.
“I’m a little surprised by the market and how unchanged it
is after the jobs number,” said Paul Nolte, director of
investments at Hinsdale Associates, in Hinsdale, Illinois.
“I think the markets are still feeding off the positive
news from earlier in the week, with capital being raised by
Lehman being well received. That’s the one thing that’s been
hanging over the market, the financials.”
The Dow Jones industrial average .DJI was down 66.20
points, or 0.52 percent, at 12,559.83. The Standard %26amp; Poor’s
500 Index .SPX was down 2.83 points, or 0.21 percent, at
1,366.48. The Nasdaq Composite Index .IXIC was down 3.44
points, or 0.15 percent, at 2,359.86. Continued…
