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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

(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%.

[Images (2)]

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Arthur Andrews II of Banc of America Specialists watches the early numbers from the floor of the New York Stock Exchange today. (AP Photo)

Glenn Carell of Bear Wagner Specialists works on the floor of the New York Stock Exchange today. (AP Photo)

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The fact that this slowdown is hitting at a time when the financial system is compromised makes it harder to recover. The financial system can't fuel a recovery in the real economy in the way that we would normally see. - David Kotok, Cumberland Advisors

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Stocks Mixed; Down For Week