Stocks drop as unemployment fails to quiet markets
Washington - US stock indices closed lower Friday despite the unemployment rate's fall to a three-year low.
The rate dropped to 8.5 per cent in December, from 8.6 per cent the previous month, as the economy added 200,000 jobs, the Labour Department said.
The blue-chip Dow Jones Industrial Average slipped 55.78 points, or 0.45 per cent, to 12,359.92. The broader Standard & Poor's 500 Index fell 3.25 points, or 0.25 per cent, to 1,277.81. The technology-heavy Nasdaq Composite Index added 4.36 points, or 0.16 per cent, to 2,674.22.
All three indices started the year up, with the Dow adding 0.59 per cent in the first week of the year. The S&P was up 1.17 per cent and the Nasdaq rose 2.31 per cent for the week.
The US currency rose against the euro to 78.64 euro cent from 78.22 euro cents on Thursday. The dollar dropped against the Japanese currency to 76.97 yen from 77.13 yen.//DPA
