The Dow Jones industrial average fell 73 points, or 0.6%, to 12,345 in morning trading. The broader Standard & Poor's 500 index fell 6 points to 1,272, and the tech-heavy Nasdaq composite fell 2 points to 2,647.
Stocks were down sharply in European countries with the biggest debt problems. Indexes in Italy, Greece and Spain fell more than 2%. Markets in the bigger, more stable economies of Britain, Germany and France fell slightly. The euro dropped to $1.28, its lowest level since September 2010.
Stock trend
Traders look to the data as an advance reading on the U.S. Labor Department’s jobs estimate, which will be released Friday, and includes information on both private- and public-sector payrolls. At the same time, investors discounted the latest report as numbers seemed to be inflated by seasonal issues. As noted in the WSJ’s Real Time Economics blog, the ADP report has a mixed track record compared to the official government data.
Dow Jones industrial average, five trading days
Investors have reason to feel positive about the hiring outlook in the U.S. The Labor Department said the number of people seeking unemployment benefits fell further last week, ending the year on a three-month run of declines that point to stronger job creation in 2012. Separately, a monthly hiring report from payroll processor ADP shows the private sector added 325,000 jobs in December.
Those reports could raise market expectations for Friday's closely watched monthly employment report from the Labor Department. The unemployment rate and the number of nonfarm jobs created in a month often set the market's tone for a week or two after their release. The expectation is that the U.S. economy generated around 150,000 jobs in December
Economists are expecting tomorrow’s report to show a strengthening employment picture with overall nonfarm payrolls up around 150,000 in December, compared with 120,000 in November. The unemployment rate is also expected to rise to some 8.7% from 8.6%.
The week ends with the release of the awaited non-farm payrolls report from the United States, due at 13:30 GMT. Expectations refer that change in non farm payrolls will reach 150,000 in Dec. from the previous 120,000 while unemployment will rise to 8.7% from 8.6%. For the latest updates on the stock market, visit Stock Market Today
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