Dow closes below 13,000 for first time in a month POLL

Do you think the economy will improve overall in 2012?

See the results »

View previous polls »

— Stocks are closing sharply lower after investors delivered their verdict on disappointing job growth in March. It's only the second four-day losing streak of the year for the Dow Jones industrial average and the Standard & Poor's 500.

The Dow finished down 130 points at 12,929, its first close below 13,000 since March 12. The S&P is ending the day off 16 points at 1,382. The Nasdaq composite closed down 33 at 3,047.

The country added 120,000 jobs in March, about half the pace from December through February. Markets were closed Friday, so Monday was investors' first chance to respond.

Volume was light at 3.1 billion shares. Declining stocks outnumbered advancers by about 4-to-1 on the New York Stock Exchange.

The stock market had already started to pull back from its strongest first quarter since 1998. The Dow closed as high as 13,264 earlier last week, then lost more than 200 points in three days.

Even before the job number came out, investors were worried that the Federal Reserve does not appear inclined to take further steps to stimulate the economy.

This week, investors will turn their attention to first-quarter corporate earnings reports. Aluminum maker Alcoa releases its results Tuesday, becoming the first company among the 30 in the Dow to do so. Two major banks, JPMorgan Chase and Well Fargo, report on Friday.

Analysts are expecting quarterly earnings to decline slightly compared with a year earlier. That would break a streak of nine straight quarters of earnings growth since 2009.

The yield on the 10-year Treasury note fell to 2.04 percent from 2.06 percent Friday.

  • Discuss
  • Print

Related Stories

Comments » 0

Be the first to post a comment!

Share your thoughts

Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.

Comments can be shared on Facebook and Yahoo!. Add both options by connecting your profiles.

Features