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US stocks lower despite strong jobs data
Published on 7 Nov. 2010 12:25 AM IST
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US stock markets opened slightly lower on Friday, a day after making stellar gains and as traders took in data showing the economy created many more jobs than expected last month.
The blue-chip Dow Jones Industrial Average shed 15.44 points (0.14 per cent) to 11,419.40 in opening trades, a day after reaching a level it last held before the collapse of Lehman Brothers in September 2008 on the back of a new massive government stimulus plan, stated Reuters.
The broader S&P 500 index lost 0.42 points (0.03 per cent) to 1220.75, while the tech-rich Nasdaq composite index was down 2.78 points (0.11 per cent) to 2574.56.
Shortly before markets opened, the Labour Department reported that 151,000 new jobs were created in the United States in October, much better than expected, while the unemployment rate was unchanged at 9.6 per cent for the third consecutive month.
The jobless rate matched expectations, while the number of new jobs was more than double the 60,000 forecast by most analysts.

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