Buyers returned to the stock market Friday after two days of heavy losses, mindful of a worse-than-expected employment report but attracted by stocks' lower prices.
The Labor Department said the nation's employers cut 240,000 jobs in October, hurtling the U.S. unemployment rate to a 14-year high of 6.5 percent. The market had expected employers to cut 200,000 jobs and for the unemployment rate to rise 6.3 percent.
Meanwhile, Ford reported dismal third-quarter results and announced plans to cut more than 2,000 additional white-collar jobs. General Motors said it lost $2.5 billion in the quarter.
Although the day's news was worse than expected, …
No comments:
Post a Comment