Economics
U.S. Stocks Retreat as Jobs Growth Trails Economists’ Forecasts
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U.S. stocks declined, erasing a weekly gain for the Standard & Poor’s 500 Index, as slower-than-forecast growth in payrolls fueled concern that the economic recovery is slowing.
All 10 industry groups in the S&P 500 retreated. Alcoa Inc., Freeport-McMoRan Copper & Gold Inc. and Schlumberger Ltd. slid at least 1.3 percent as commodity shares declined. JPMorgan Chase & Co. and Bank of America Corp. dropped at least 1.4 percent to pace losses among financial companies. Computer and software shares slumped after Informatica Corp. and Seagate Technology Plc said earnings missed their forecasts.