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Market Update : 
Crude Oil Rise Kills Payrolls Rally
Author: 123jump.com Staff
123jump.com
Last Update: 4:33 PM EDT May 02 2008

U.S. stocks closed mixed after April payrolls declined 20,000 and unemployment fell to 5% from 5.1%. The smaller than expected drop in payroll lifted stocks in the morning. Crude oil rebounded 3% and dragged market averages at close. Yield on 30 years bonds rose. Stocks in Europe and Latin America closed higher tracking gains in the U.S. Countrywide Financial debt status was lowered to junk level after the Bank of America in filing suggested that it may not guarantee $93 billion of debt.

 

 

 
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