(By Salman - iStockAnalyst Writer)US stocks extended losses on Friday after a bigger-than-expected decline in payrolls in September rekindled worries over an economic recovery.
The Dow Jones Industrial Average fell 21.61 points or 0.23% to finish at 9,487.67. The S&P 500 declined 4.64 points or 0.45% to end at 1,025.21. The Nasdaq Composite slipped 9.37 points or 0.46% to 2,048.11.
A release by Department of Labor on Friday showed that U.S. employers slashed 263,000 net jobs in September. Economists were expecting a drop of 175,000 in non-farm payrolls. Unemployment rate increased to 9.8%, matching consensus estimates.
The Commerce Department reported Friday that factory orders decreased 0.8% in August, slower than the 0.5% fall expected by economists.
Shares of the diversified General Electric (NYSE:
GE) plunged 61 cents or 3.82% to $15.36.
Energy stocks finished with losses. Exxon Mobil (NYSE:
XOM) slumped 69 cents or 1.03% to $68.14. Chevron Corp. (NYSE:
CVX) fell 67 cents or 0.97% to $68.14.
Networking giant Cisco Systems (NASDAQ:
CSCO) lost 42 cents or 1.82% to $22.67.
Shares of Boeing Co. (NYSE:
BA) slipped 71 cents or 1.36% to $51.40.
Caterpillar Inc. (NYSE:
CAT) slid 62 cents or 1.25% to $48.83.
Shares of First Solar (NASDAQ:
FSLR) rallied$6.24 or 4.34% to $150. Standard & Poor's said late Thursday that the Tempe, Arizona-based solar company will join its flagship S&P 500 stock index.
Apple (NASDAQ:
AAPL) shares rose $4.04 or 2.23% to $184.90 on Friday after it was raised to buy from neutral by UBS, citing strong sales growth of iPhone.
Late on Thursday, Accenture Plc.(NYSE:
ACN) said that its fiscal fourth-quarter net income dropped to $301.4 million, or 39 cents a share, from $543.1 million, or 67 cents a share in the same quarter a year earlier. Net revenue for the quarter ended in August slipped 14% to $5.15 billion. Accenture gained 97 cents or 2.66% to $37.50.
Walgreen Co. (NYSE:
WAG), the second-largest US drugstore chain, announced Friday that its same-store sales jumped 5.3% in September. Walgreen fell 14 cents or 0.37% to $38.05.
Embattled CIT Group Inc. (NYSE:
CIT) said late Thursday it launched a debt restructuring program it hopes will reduce at least $5.7 billion from its balance sheet.
European stocks settled down. The UK FTSE lost 86.09 points or 1.68% to 5,047.81. The German DAX and French CAC decreased 2.13% and 1.47% respectively. Shares of commercial lender soared 11 cents or 10.38% to $1.17.
European stocks settled with losses. The UK FTSE lost 59.11 points or 1.17% to 4,988.70. The German DAX and French CAC decreased 1.56% and 1.90% respectively.
Asian stocks finished down. The Nikkei 225 fell 246.77 points or 2.47% to 9,731.87. The Hang Seng index of Hong Kong slumped 579.76 or 2.77% to 20,375.49.
NYMEX crude oil for November delivery declined 87 cents or 1.2% to settle at $69.95 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
