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Stocks Open Mixed on Jobs Report; Apple's CEO Speaks on Hacking

TheStreet

Stocks opened mixed Friday as a disappointing number of jobs added last month have traders weighing the strength of the economy with the timing of the Fed’s rate increases. Jobs growth slowed in August with American employers hiring fewer workers than expected. Non-farm payrolls added just 142,000 jobs versus the expected 225,000. The unemployment rate did come in line with expectations falling to 6.1 percent. Hourly wages rose 0.2 percent last month. The Gap (GPS) opened sharply lower after reporting its same-store sales fell 2 percent in August from a year ago missing expectations of an increase of 1.6 percent. The clothing retailer did manage to post a gain in sales for its Old Navy unit. Apple (AAPL) is still reeling after the hacking incidents involving nude celebrity photos. Speaking for the first time on the issue, Apple’s CEO Tim Cook told the Wall Street Journal, the company plans to add additional security measures for its iCloud users. El Pollo Loco (LOCO) is up nicely in early trading after beating earnings expectations. The restaurant chain said it plans to add up to 11 new company-owned stores by the end of this year.