NEW YORK (AP) — Stocks tumbled in early trading after a government report showing more jobs were lost in October than expected but managed to shake it off and post modest gains.
The report bodes poorly for consumer spending, a major component of economic activity.
The Labor Department says employers cut 190,000 jobs last month. That was less than the 219,000 jobs lost in September, but more than the 175,000 job losses economists had forecast. The unemployment rate jumped to 10.2 percent — the highest since 1983.
Shortly after the opening bell, the Dow Jones industrial average was down 60 at 9,945. The Standard & Poor's 500 index was down seven at 1,059, while the Nasdaq composite index was down 11 at 2,093.
By the end of the day, the Dow rose 17 to close at 10,023. The S&P added nearly three and the Nasdaq surged seven points.
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