U.S. stocks ended down slightly on Friday as a drop in the British pound injected volatility to markets, and the jobs report came in weaker-than-expected. Bobbi Rebell reports.
Stocks finished the week out in the red, though coming back from their worst intraday losses after a drop in the British pound caused volatility in the markets. For the week, the major U.S. indexes were lower as well. Data showed U.S. employment growth unexpectedly slowed for a third month in September. Nonfarm payrolls rose 156,000, down from a gain of 167,000 jobs in August. The unemployment rate ticked up to five percent. Economic Cycle Research Institute's Lakshman Achuthan: SOUNDBITE: LAKSHMAN ACHUTHAN, CO-FOUNDER, ECRI, (ENGLISH) SAYING: "When you look at trends you see that year over year jobs growth is staying at a 26-month low of 1.7 percent. After it has been declining since early 2015. So, that kind of long grind down in the growth of jobs is consistent with the long grind down we've seen in the growth of GDP." Shares of Gap soaring to their biggest gain since 2008. The apparel retailer posted September sales that were not as bad as expected, raising hopes of a recovery in the retail sector. Tyson Foods stock plunging. Pivotal Research Group said a class action lawsuit against the largest U.S. meat processor over industry collusion was "powerfully convincing." In Europe, stocks were mostly lower in the final trading session of the week.