Friday, November 6, 2009

Stocks are fluctuating in a tight range as investors find some positives for the market in a surprisingly weak jobs report.

The Labor Department's report Friday that unemployment has risen above 10 percent for the first time since 1983 isn't welcome news but it is reassuring some investors that the Federal Reserve will hold interest rates lower.

Unemployment at 10.2 percent is weakening expectations for the U.S. economy and hurting the dollar. That, in turn, is supporting stocks. A weaker dollar makes U.S. goods cheaper for buyers overseas.

Gold has topped $1,100 an ounce for the first time.

The Dow Jones industrials are up 3 at 10,010. The Standard & Poor's 500 index is down 1 at 1,065. The Nasdaq composite index is up 1 at 2,107.

---

Stocks are tumbling in early trading after a government report showing more jobs were lost in October than expected.

The report bodes poorly for consumer spending, a major component of economic activity.

As stocks fall, safe-haven assets like Treasurys are rising. Oil prices are sharply lower.

The Labor Department says employers cut 190,000 jobs last month. That was less than the 219,000 jobs lost in September, but more than the 175,000 job losses economists had forecast. The unemployment rate jumped to 10.2% — the highest since 1983.

Shortly after the opening bell, the Dow Jones industrial average is down 60 at 9,945. The Standard & Poor's 500 index is down 7 at 1,059, while the Nasdaq composite index is down 11 at 2,093.