MARKET FOCUS
U.S. equities ended lower on Friday, as profit-taking from lofty levels compounded concern about the political instability in Iraq, offsetting the positive impact of an improving labor market.
U.S. payrolls added 126,000 jobs in October, while the jobless rate edged down one notch to 6.0 percent, both above forecasts. The payrolls data for August and September were also revised upward to show the creation of a combined 160,000 jobs, much better than earlier readings showing an anemic gain of 16,000 jobs.
Also, weekly claims for unemployment benefits had been reported down 43,000 to 348,000 on Thursday, the lowest level since the first quarter of 2001, when the last recession began.
Pixar Animation was among the gainers, as its profits climbed to $13.2 million or 23 cents a share on revenues of $30.2 million. The studio created blockbuster movie Finding Nemo, which grossed $424 million this summer. Graphics chipmaker Nvidia was another winner after beating the Street with its third-quarter numbers.
OUTLOOK
The Nasdaq Composite index is within striking distance of the 2,000 level, last seen in June 2002. A break above that level would be bullish, although IT and biotech stocks are already richly valued.
Weekly claims for unemployment benefits will remain in the spotlight on Thursday for signs of further improvement in the jobs market. Claims have moved further away from the 400,000 level that signals a contraction in the labor market.
Printing company R.R. Donnelley is buying printing services provider Moore Wallace for $2.8 billion.
THE NUMBERS
The Dow Jones Industrial Average gave up 47 points, or 0.5 percent, to 9,809. The Nasdaq Composite Index lost 5 points, or 0.2 percent, to 1,970, while the Nasdaq-100 index of large-capitalization tech and biotech stocks ended off 0.2 percent at 1,436.
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