1/10/2014 11:02 AM
Stocks move lower after US reports hiring slowdown
NEW YORK (AP) — Stocks are lower after the U.S. government disappointed investors with news that hiring slowed sharply last month.
The Dow Jones industrial average was down 58 points, or 0.4 percent, at 16,387 as of noon Eastern time.
The Standard & Poor's 500 index was down four points, or 0.2 percent, at 1,833 and the Nasdaq composite was down seven points, or 0.2 percent, at 4,148.
Just 74,000 jobs were added to payrolls in December, the fewest in three years and far less than economists were expecting.
Alcoa fell 5 percent. The aluminum company posted a $2.34 billion fourth-quarter loss due to low aluminum prices.
Utility stocks rose as investors favored low-risk investments.
The dollar fell and bond prices rose as investors expected the Federal Reserve to keep interest rates low.
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