Gains Dashed on Jobs Angst

Weak December auto sales didn't help the market's fortunes
By Jonas Oransky,  Newser Staff
Posted Jan 3, 2008 3:34 PM CST
Winners of the NBC "Biggest Loser" television show Jim Germanakos, left, and his brother Bill Germanakos, right, meet New York Stock Exchange floor trader Steve Perciballi after the brothers rang the...   (Associated Press)
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(Newser) – The market lost substantial early gains today to finish about even, with weak December auto sales and rising oil costs adding to anxiety over tomorrow’s jobs report from the Labor Department. The Dow closed up 12.8 points to 13,056.7, as GM stock declined 2.5% and Ford fell 2.9% on poor showings last month, MarketWatch reports.

The Nasdaq fell 6.95 to 2,602.68, while the S&P budged only 0.01 points, down to 1,447.16. The morning started bullish after ADP Employer Services reported adding 40,000 private sector jobs in December—the weakest number since August but still higher than expected. An analyst said trading was “guarded,” as Streeters awaited tomorrow’s jobs report—which could fuel further rate cuts.