Stocks fell on Friday as a weak jobs report dashed optimism that the economy was emerging from a soft patch, leaving investors to hope earnings season would revive an appetite for buying.
The sell-off was broad and halted an eight-day streak for the Nasdaq, though stocks ended off their lows. U.S. employers added only 18,000 workers in June, short of even the lowest forecast, jolting buyers who had rushed into the market after some encouraging labor-market figures earlier in the week.
Despite the day's drop, the three major U.S. stock indexes ended higher for the week. The market is coming off a string of gains that reflected increased hope for an economic rebound and a strong earnings season.
"If you're going to get concerned about the jobs report, you should wait for earnings before going through a complete manic swoon," said Phil Dow, director of equity strategy at Minneapolis-based RBC Wealth Management, which oversees $164 billion.
"Our guess is that we'll see better-than-expected earnings and revenue, and combined with the valuation of the market, this is a compelling time to get in."
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,657.20 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  62.29 (0.49%) |
| Prev Close: | 12,719.49 |
|---|---|
| Open: | 12,717.90 |
| Day's Range: | 12,567.41 -12,717.90 |
| 52wk Range: | 9,915.73 -12,928.50 |
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