Stocks drift lower after weak August jobs report
NEW YORK (AP) — Stocks are edging lower in early trading after the government reported lukewarm jobs growth last month.
The Dow Jones industrial average fell 87 points, or 0.6 percent, to 14,850 in the first few minutes of trading Friday.
The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to 1,648. The Nasdaq composite fell 15 points, or 0.4 percent, to 3,641.
Bonds yields fell as investors anticipated that demand for bonds would remain strong if the Fed keeps up its bond purchases. The yield on the 10-year Treasury note fell to 2.91 percent from 3 percent late Thursday.
The Labor Department said U.S. employers added 169,000 jobs last month, fewer than economists expected.
VeriFone Systems jumped $2, or 10 percent, to $22.74 after reporting results that beat analysts’ expectations.