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| English: Lake Oswego Railroad Bridge across the Willamette River, Lake Oswego, Oregon, April 2008 (Photo credit: Wikipedia) |
Energy stocks were a drag on the market after Chevron Corp, the second-largest U.S. oil company, posted a profit that missed expectations. The stock fell 2.9 percent to $108.26 and was one of the biggest drags on theDow industrials.
The dollar's strength also hurt energy and materials shares. Eventually, all 10 S&P 500 sectors succumbed to selling pressure to end lower.
For the week, the Dow shed 0.1 percent, but the S&P 500 gained 0.2 percent. The Nasdaq ended the week down 0.2 percent.
The trading week was shortened by a historic two-day market closure on Monday and Tuesday, spurred by superstorm Sandy's devastating sweep through the U.S. Northeast.
"We started off on strength, with nonfarm payrolls coming in above expectations. Then we drifted lower during the day. It's hard to determine what direction we are in - with the two days off, it's really been a strange week," said Fred Dickson, chief market strategist at D.A. Davidson & Co, in Lake Oswego, Oregon.
From New York City's Staten Island to the popular beach towns of the Jersey Shore, rescuers and officials continued on Friday to face widespread destruction wrought by Sandy, as well as a rising death toll and frustration over delayed relief and fuel shortages.
Government data showed employers added 171,000 people to their payrolls last month, topping expectations. The jobless rate ticked up to 7.9 percent as more workers restarted job searches, a positive signal for the economy.
The jobs report is the last one before the U.S. presidential election on Tuesday, and it could improve President Barack Obama's odds at the ballot box, though polls continue to indicate a close race between Obama and Republican candidate Mitt Romney.
Chevron also was the second-largest weight on the S&P 500. The S&P energy index, down 1.7 percent, was one of the worst performers among the 10 major S&P 500 sector indexes. Strength in the dollar was also cited for a decline in crude prices, which hurt energy shares as well.
The S&P materials index fell 2 percent, pulled lower by a slide of 8.4 percent in Newmont Mining Corp to $48.74 after its profits missed expectations.
According to Thomson Reuters data through Friday, of the 378 companies in the S&P 500 that have reported earnings so far, 61.9 percent have topped expectations, in line with the 62 percent quarterly average since 1994.
The revenue picture is much bleaker, with only 38.2 percent of companies having posted revenue above expectations, well below the 62 percent quarterly average since 2002 and the 55 percent average over the past four quarters.
"Generally, we've seen the market trend lower, primarily related to disappointing revenue reports coming out of the third-quarter earnings stream," Dickson said. ... Continue to read.
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