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Dow Ends Bleak Week Off 143

Index down 4.8% since Monday

By Nick McMaster, Newser Staff

Posted Jan 9, 2009 3:26 PM CST

(Newser) – Stocks posted losses today as news that US unemployment hit 7.2% moved the markets to the finish of a dismal week, MarketWatch reports. The Dow lost 143.28 to close at 8,599.18, with losses perhaps limited because investors were expecting the bad jobs news. The Nasdaq fell 45.42, settling at 1,571.59, and the S&P 500 dropped 19.38 to close at 890.35.

“If there is a silver lining, you might argue that the jobs report reflects the severe credit crisis that we experienced late last year but does not yet reflect any of the recent improvement that we have seen in credit markets” or the coming Obama stimulus, one strategist posited.

For the week, the Dow fell 4.8%, the Nasdaq lost 2.81%, and the S&P 500 contracted 2.13%.

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Albert Young of Ameriprise Advisor Services watches the late numbers on the floor of the New York Stock Exchange in this undated file photo. (AP Photo)

The floor of the New York Stock Exchange is abuzz with activity in this undated file photo. (AP Photo)

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There was a reasonable amount of negative expectations built into this report. That said, there are not a lot of bright spots. We're concerned that the equity market can only absorb so much bad news.
- Dean Curnutt, Macro Risk Advisors

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Dow Ends Bleak Week Off 143