US stocks little changed after mixed jobs report

February 04, 2011 | 22:30

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US stocks opened little-changed after a mixed employment report showed few new jobs were created in January, but that the unemployment rate fell to 9.0 per cent from 9.4 per cent.

At 1510 GMT The Dow Jones Industrial Average was off 1.33 points (0.01 per cent) at 12,060.93. The broad-based S&P 500 was up 0.09 points (0.01 per cent) to 1,307.01.

The tech-heavy Nasdaq rose 4.33 points (0.16 per cent) to 2,758.21.

"The US equity markets are nearly unchanged in morning action following a smaller-than-expected increase is US nonfarm payrolls, which caused an early advance to evaporate," said analysts at Charles Schwab.

"However, the labor report did reveal stronger-than-forecasted average hourly earnings and an unexpected drop in the unemployment rate," it said.

Briefing.com analysts also pointed to the stronger US dollar and modest stock market rises in Europe and Asia as giving some resilience to the US markets.

Insurer Aetna was up 11.8 per cent, after it forecasted better-than-expected 2011 earnings.

Hotel and casino operator Las Vegas Sands fell 6.5 per cent after fourth quarter revenues fell shy of expectations.

The bond market continued to fall. The 10-year Treasury yield rose to 3.59 per cent from 3.54 per cent Thursday evening, while the yield for the 30-year went to 4.70 per cent from 4.66 per cent.

Bond prices and yields move in opposite directions.

AFP

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