Wall St closed in the red on Friday, disappointing jobs data fuelling concern for the health of the economic recovery.
The Dow Jones industrial lost 22 points to 9,488. The S&P500 Index dropped 5 points to 1,025 and the NASDAQ fell 9 points to 2,048.
In economic news: The U.S. Labor Department reports that 263,000 jobs were cut in September up from 201,000 jobs in August. Economists had forecast a loss of 175,000 jobs.
In company news: Shares in bank holding company CIT Group Inc (NYSE:CIT) rose 10.38 per cent to $1.17. According to CNN Money the company has unveiled a debt exchange plan in an effort to avoid bankruptcy. CNN Money says the company has also asked for shareholders to approve a reorganization plan that will allow it to voluntarily file for bankruptcy if the debt exchange doesn’t work.
Shares in diversified technology, media and financial services company General Electric Company (NYSE:GE) dropped 3.82 per cent to $15.36. There are reports the company in discussions regarding partnerships or an IPO for its NBC Universal unit.
Shares in retail chain Wal-Mart Stores Inc (NYSE:WMT) gained 0.16 per cent to $49.08. The company says it expects a slow recovery from tough business conditions, but that its operations in Asia are faring slightly better.
Shares in international professional services firm Resources Connections Inc (NASDAQ:RECN) up 1.48 per cent to $17.15. The company reported a loss for the first quarter, impacted by a big drop in international revenue.
Checking the NASDAQ Top 100: The best performer was First Solar adding 4.34 per cent to $150. Wynn Resorts and Vertex Pharmaceuticals were the next best performers.
The biggest drag was Yahoo; it lost 3.16 per cent to $16.84. Expedia and Qualcomm also closed lower.
