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Signs Of Growth

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The economy continued to show signs of strength last week, as the Labor Department reported on Friday that both jobs and wages increased during July. Employers added 207,000 jobs in July, and average hourly wages increased to $16.13 (up 0.4 percent from June's $16.07). The good news, however, sparked investor fears that the Fed would continue to raise interest rates to stave off inflation. (Policy-makers are expected to raise short-term rates again this week, the 10th hike since June 2004.) The Dow dropped 82.88 points, nearly 0.8 percent down from last week, to finish at 10,558.03. The Nasdaq also fell 6.92 points (0.3 percent) to close at 2177.91. Omnicom shares declined 0.8 percent to close the week at $84.16, while IPG's stock price slid almost 3 percent to $12.14. WPP, trading as American Depository Receipts, closed up nearly 2 percent to finish at $53.59.