Markets Slide on Disappointing Jobs Data

Brooks McFeely submits:

4:11 PM, Jun 3, 2011 --

• DJIA down 97.29 (-0.79%) to 12,151.26
• S&P 500 down 12.78 (-0.9%) to 1,300.16
• Nasdaq down 40.53 (-1.46%) to 2,732.78

GLOBAL SENTIMENT

• Nikkei down 0.66%
• Hang Seng down 1.3%
• FTSE-100 up 0.12%

UPSIDE MOVERS

(+) ZQK continues evening gain that followed earnings beat.

(+) DRYS upgraded.

(+) SOLR inks new order.

DOWNSIDE MOVERS

(-) DSX downgraded.

(-) NWL warns for earnings.

(-) FRO downgraded.

(-) NKE choppy despite new Buy rating.

(-) OREX disappointed with FDA meeting on Contrave.

MARKET DIRECTION

Stocks were pinned in the red in Friday's regular session, but the broad averages managed to cut their declines by day's end - spared deeper losses after services sector data came in better than expected.

Markets were initially hammered lower Friday morning after the Labor Department reported that just 54,000 jobs were created in May, well below the Street's expectations of 125,000. The unemployment

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