Source Pravda.Ru

U.S. Stocks Fall after Release of September Job Data

Friday U.S. stocks were set to open lower since investors reacted to the government report on the job market, which appeared to be worse that expected.

At 8:36 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower, with losses deepening after the release of September job data.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street slumped Thursday amid worries about the strength of the economic recovery. The Dow plunged 200 points during the session, CNNMoney.com reports.

In the meantime, the U.S. Labor Department's employment report on Friday is expected to show the jobless rate in the world's largest economy rose to a 26-year high in September of 9.8 percent, according to analysts polled by Reuters.

"The market is in a wait-and-see mode after a reality check this week with weak economic numbers. It was a change of pace for the market that has been accustomed to data exceeding expectations," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

"Investors are worried whether this trend will continue with the employment report."

Signs of a weak recovery also came from the chairman of Wal-Mart Stores Inc, the world's biggest retailer. Rob Walton said he sees a slow recovery from challenging U.S. business conditions, while Wal-Mart's Asia operations are "a little better," Reuters reports.

It was also reported, CIT Group remains in focus, amid worry that the embattled lender may go belly-up. The firm, which makes the bulk of its loans to small- and mid-sized businesses, is working with creditors to restructure and trim $5.7 billion from its balance sheet. Shares were 12.4% early Friday, Forbes reports.

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