Stocks Mixed; Down For Week

Sliding oil again fails to move markets worried over unemployment
By Nick McMaster,  Newser Staff
Posted Sep 5, 2008 3:26 PM CDT
Arthur Andrews II of Banc of America Specialists watches the early numbers from the floor of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks finished the week with a mixed session today, managing to mostly recover from an early sell-off in reaction to a 5-year high in monthly unemployment, MarketWatch reports. The Dow rose 32.73 to close at 11,220.96. The Nasdaq fell 3.16 to 2,255.88, while the S&P 500 rose 5.48, settling at 1,242.31.

“There's no question the market was disappointed with the unemployment number," one economist said. Meanwhile, Goldman Sachs downgraded its rating of Merrill Lynch to sell, citing likelihood of further writedowns. Positively, flash-memory chipmaker SanDisk rose 31.4% on reports Samsung was considering buying the firm out.

  • For the week, the Dow lost 2.8%, the Nasdaq dropped 4.7%, and the S&P 500 fell 3.1%.