No Help From Labor

The national averages closed down last week despite Friday’s Department of Labor report stating unemployment rates are their lowest since 2001. Just 4.7 percent of Americans are out of work, thanks in part to mild weather and a construction boom, although overall the U.S. generated fewer jobs than expected—193,000 in January rather than the 250,000 predicted by economists. The Dow Jones Industrial Average closed at 10,793.62, down 119.51 points (1.09 percent) from Monday’s opening price of 10,913.13. The Nasdaq backpeddled as well, closing at 2,262.58, down 43.66 points (1.89 percent) from 2,306.24. Ad stocks changed little. WPP gained 0.3 points (0.54 percent), closing at 55.69 from 55.39. Omnicom lost 0.32 points (0.38 percent), closing at 83.40, down from 83.72. On a percentage basis, IPG saw the biggest drop. Its 0.39 point loss, from 10.25 to 9.86, translated to 3.8 percent of its total price.