Dow Jones: a seesaw day of tension
The Dow Jones Industrial Average soared more than 170 points after a better-than-expected jobs report, dropped more than 500 points, and has since pared most of its losses.
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On the economic front, hiring picked up in July as the Labor Department reported employers added 117,000 jobs last month and the unemployment rate dipped to 9.1 percent, an improvement from the past two months. Economists had expected a gain of 85,000 jobs.Skip to next paragraph
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Despite the positive data, experts remained skeptical.
"Come on! Tell me who these new hires are," said Todd Schoenberger, managing director at LandColt Trading. "A number (which still isn't anywhere near normal for a recovery period) surprised like this after the data we received, not to mention the significant layoff announcements we've been hearing about lately, just doesn't seem to add up."
Priceline surged to lead the S&P 500 gainers after the online travel agency reported a higher profit that beat expectations as strong growth at its overseas markets boosted bookings. At least two brokerages raised their price targets on the firm.
Bank of America slipped after Wells Fargo cut its rating on the financial giant to "market perform" from "outperform."