Jonathan Corpina, left, works with fellow traders on the floor of the New York Stock Exchange Friday, Oct. 5, 2012. Stocks are rising in early trading on Wall Street after the government reported that the U.S. unemployment rate fell below 8 percent for the first time in almost four years. (AP Photo/Richard Drew)
A big drop in the unemployment rate wasn’t enough for investors Friday. Stocks posted gains early in the day but faded to a mixed close.
The Labor Department said the unemployment rate had declined to 7.8 percent, its first dip below 8 percent in nearly four years. The decline from 8.1 percent the month before was bigger than economists had expected.
Stocks rose on that news, but the gains didn’t last. The Dow Jones industrial average edged up 34.79 points to close at 13,610.15, after rising 86 points earlier in the day. The Standard & Poor’s 500 index fell 0.47 points to 1,460.93, and the Login to read more