Stocks were volatile after the Labor Department reported disappointing news on the final jobs report of 2013. The economy added just 74,000 new jobs in the month of December, the lowest monthly-gain in three years and well below economists’ expectations of 200,000 jobs. The unemployment rate fell to 6.7% from 7.0% in November according to the Labor Department. The decline was due at least in part to people dropping out of the workforce.
The Dow Industrials (^DJI) ended the session slightly lower after choppy trading most of the day. The S&P 500 (^GSPC) finished little changed and the Nasdaq (^IXIC) ended up slightly higher. Treasuries rallied on the disappointing jobs news. Yields on the 10-year note fell below 2.9%. Intermediate-term treasuries have been selling off on expectations an improving economy could lead the Fed to normalize monetary policy sooner than planned.
President Obama nominated three officials to the Federal Reserve’s board of governors Friday. Former Bank of Israel governor, Stanley Fischer, was nominated as vice chair. The president also nominated former Treasury Department official, Lael Brainard, and re-nominated current board member, Jerome Powell.
Target (TGT) sold off after reporting more bad news. Target shares ended the day down ____ after the company cut its profit outlook and reported the holiday season data breach affected 70 million customers. That is 30 million more than originally reported.
- Politics & Government
- Unemployment Issues
- Labor Department