Cantor Fitzgerald

Marc Pado Comments: US Stocks Drop on Jobs Data

August 13, 2010, Heraldsun.com.au

US stocks extended losses today as data showing an unexpected rise in weekly jobless claims refuelled recovery fears in the world's biggest economy.

The Dow Jones Industrial Average dropped 59.03 points (0.57 per cent) to 10,319.52 in closing trades, after losing more than one per cent in early trading.

The tech-rich Nasdaq composite index slipped 18.36 points (83 per cent) to 2190.27 while the broader S&P 500 index fell 5.88 points (0.54 per cent) at 1083.59.

"There were some built in skepticism over the market not advancing further in the month of august," said Marc Pado, US market strategist for Cantor Fitzgerald.

"You already know the economy is slowing somewhat, the question of how much slowing, you fully expect numbers to tick down."

Data released before the market opening showed US jobless benefits jumped unexpectedly last week to the highest level in about six months, fuelling concerns unemployment could dampen recovery.