The jobs number stunk.
First the scoreboard:
Dow: 13,038, -168.3, -1.2%
S&P 500: 1,369, -22.4, -1.6%
NASDAQ: 2,956, -67.9, -2.2%
And now the top stories:
- U.S. companies added just 115k new nonfarm payrolls in April. Economists were looking for 160k. The unemployment rate, however, fell to 8.1 percent from 8.2 percent a month ago. This was largely due to the falling labor participation rate, which sank to 63.6 percent – a 31-year low. The U-6 (aka underemployment) rate was flat at 14.5 percent. A Salary Guide To 23 Of The Most Random Jobs In America >
- U.S. equity futures actually fell ahead of the release, which led some to speculate that the report was leaked. Regardless, stocks were well in the red all day.
- First Solar got creamed after announcing disappointing Q1 results. The solar panel maker reported a big revenue shortfall and an unexpected net loss. Management blamed supply-demand imbalances.
- One big winner today was LinkedIn, whose shares surged on a better-than-expected earnings announcement. Deutsche Bank: 37 Stocks You Should Buy Right Now >
- This weekend is Berkshire Hathaway's annual shareholder meeting. Hot topics will include succession planning and the Oracle of Omaha's health. Whitney Tilson wrote about the matter. From the perspective of the shareholder, Tilson argued that there was one greater risk then Buffett's sudden death. Whitney Tilson's Massive Presentation On The State Of The US Markets And Economy >
- Also this weekend are the Greek and French elections. Many believe Francois Hollande will beat French incumbent Nicolas Sarkozy. But the Greek elections are expected to be much more complicated.
- Don't Miss: The Most Miserable Cities In America >
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