Stocks Wobble After Weak Jobs Report
Stocks bounced around Friday as investors juggled a disappointing jobs report and some analyst upgrades.
The Labor Department said employers cut 190,000 jobs in October and the unemployment rate jumped to 10.2 percent, its highest level in more than 26 years. Economists had expected to see a job loss of 175,000 and unemployment rate of 9.9 percent.
Investors were also focused on some analyst upgrades in the market.
General Electric led Dow gainers after Bernstein raised its rating on the stock. GE is the parent of CNBC.
And Amazon was the top gainer on the Nasdaq after Bernstein upgraded the online retailer to "outperform" from "market perform."
On the earnings front, AIG badly missed analyst estimates, posting a profit of 68 cents a share against expectations of $1.98.
Starbucks shares jumped after the barista beat earnings expectations.
Nvidia rallied as the chip maker also beat consensus.
State Street fell after the company said it set aside an additional $250 million to cover losses from investors who lost money on risky mortgages.
U.S. stocks did have their best day since July 23 in Thursday's trading, in a session sandwiched in between the Wednesday conclusion of the Federal Open Market Committee meeting and today's jobs report.
In the day's other economic news: Wholesale inventories fell 0.9 percent in September, roughly in-line with expectations.
Still to come: Consumer credit figures for September will be issued at 3 pm; economists expect a drop of $10 billion.
Other stocks to watch include Royal Bank of Scotland, which reported an operating loss of about $2.5 billion for the third quarter. The bank - majority owned by the UK government - did say it could reach profitability by 2011.
Still to Come:
FRIDAY: Geithner speaks; Droid phone hits store shelves; wholesale trade; consumer credit; Fed's Duke speaks
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