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May 16, 2008 8:15:14 AM CDT

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Jobs Rally Fizzles; Stocks Mixed  

Posted May 2, 08 3:37 PM CDT in Business    Most Covered

(newser) – The markets ended mixed today as a rally spurred by news of fewer April job losses than expected and the Fed's bank-liquidity expansion died down before the closing bell, MarketWatch reports. The Dow rose 48.20, closing at 13,058.20, and the S&P 500 gained 4.56 to end at 1,413.90. The Nasdaq fell 3.72, closing at 2,476.99.

"The story is the same,” explained one analyst as to why today's rally lost steam. “We had a pretty good week on better-than-expected earnings on balance, and the moves in monetary policy that we wanted. And then Friday rolls around, and we become more risk-adverse and take profits.”

Sources MarketWatch, Wall Street Journal

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Jobs Rally Fizzles; Stocks Mixed
People wait in line to enter a job fair in New York, Wednesday, April 16, 2008.   (AP Photo/Mark Lennihan)
Jobs Rally Fizzles; Stocks Mixed
Traders and Specialists work the trading floor at the New York Stock Exchange in this undated file photo.   (AP Photo/David Karp)
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Federal Reserve  • S&P 500  • Nasdaq  • Dow Jones Industrial Average  • jobless claims  • rally  • monetary policy


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