U.S. stocks fell for the week, after the Standard & Poor’s 500 Index reached a two-month high, as jobs data heightened concern about a slowing economy and Europe’s efforts to tame its debt crisis disappointed investors.
Industrial and financial stocks lost the most in the S&P 500 in the holiday-shortened week, sinking more than 1.2 percent, as eight out of 10 industries in the benchmark index retreated.JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and General Electric Co. (GE) led declines in the Dow Jones Industrial Average. Netflix Inc. (NFLX) surged 20 percent after an analyst said the company’s online audience exceeds cable and TV networks.
The S&P 500 lost 0.6 percent to 1,354.68 for the week, trimming its gain for the year to 7.7 percent. The Dow dropped 107.62 points, or 0.8 percent, to 12,772.47. Global stocks surged the previous week, with the S&P 500 rallying 2 percent, amid optimism that an agreement by European leaders would help contain the region’s debt crisis.
“The jobs report is the single most important economic statistic and unfortunately it’s not showing signs of health, which is weighing down on stocks,” said Lawrence Creatura, who helps oversee $363.6 billion as a Rochester, New York-based fund manager at Federated Investors Inc. “Europe has become a multi- year yo-yo of increasing expectations and subsequent disappointment.”
The S&P 500 erased a 0.4 percent advance for the week in the final session after American employers hired fewer workers than forecast in June, showing the labor market is making scant progress toward reducing joblessness. The unemployment rate held at 8.2 percent.
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