The S&P 500 dipped Friday. As Fred Katayama reports, energy and telecom stocks led the broad-based decline.
A mixed jobs report sent Wall Street lower Friday, breaking a string of record setting closes for the Dow and S&P. Energy and telecom stocks as well as Costco shares led the broad-based decline. People's United Wealth Management's CIO John Traynor: SOUNDBITE: JOHN TRAYNOR, CHIEF INVESTMENT OFFICER, PEOPLE'S UNITED WEALTH MANAGEMENT, (ENGLISH) SAYING: "Without a doubt, the headline this morning was the jobs report. You know, we were expecting some distortion because of the storms, and we certainly got that distortion. We expecting jobs to be up. They were down." Hurricanes slammed hiring in September. Payrolls shrank by 33,000 when economists had been expecting an increase. It was the first decline in seven years. One bright spot: wages grew faster than expected. Weighing on the S&P 500: Costco shares dropped to their lowest level in nearly a month. An intense price war among retailers shrank its gross margins in the latest quarter. Drug store chain operator Walgreen Boots Alliance slid. Morgan Stanley downgraded its shares to "equal weight" from "overweight". Sanderson Farms shares fell after Morgan Stanley cut the poultry producer's shares to "underweight." Markets closed mostly lower in Europe pulled down by energy and utitilies stocks.