The S&P 500 closed out in negative territory as well by .06 percent at 1,199.38. The good news came early as the jobs data posted and was initially received as positive. The job market gained strength by adding 117,000 jobs in July.
This number far surpassed what most economists were anticipating. The national unemployment rate also ratcheted lower by a tenth of a percent. This economic news skewed positive but when compared to the number of jobs that many experts feel is necessary to keep pace with population growth, it still fell short. Economists feel that at least 150,000 jobs need to be added on a monthly basis to keep pace with population growth.This news was not enough to make those on Wall Street forget the other inadequate reports that posted within the last six open trading days. The weight of the weaker GDP, manufacturing and consumer spending reports continue to weigh on investors not to mention the worries stemming from global debt concerns.
The week ended as one of the worst weeks for stock trends in recent years. All three major indices were negative for the week. The DJI was lower by almost 6 percent. The Nasdaq lower by 8 percent and the S&P 500 lower by 7 percent for the week. To top it off, the U.S. is at risk of losing its triple A credit rating. For the latest updates PRESS CTR + D or visit Stock Market news Today
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