Tuesday December 1st, 2015 4:25AM

Stock market sinks as tech sector slumps

By The Associated Press
NEW YORK (AP) -- Technology stocks fell sharply in afternoon trading Friday, bringing the broader market lower. Mixed signals in the government's monthly jobs report left investors with little reason to cheer.

The government reported that U.S. employers added more workers to their payrolls last month, but the overall report presented a mixed picture, and the unemployment rate remained at 6.7 percent.

KEEPING SCORE: The Standard & Poor's 500 index fell 23 points, or 1.2 percent, to 1,865 as of 3:04 p.m. Eastern time. The Dow Jones industrial average dropped 162 points, or 1 percent, to 16,409. The technology-heavy Nasdaq composite plunged 111 points, or 2.6 percent, to 4,126.

LEAVING TECH: Technology stocks took a harder fall than the rest of the market. Google and Facebook fell 5 percent, while Microsoft and Amazon fell 3 percent. Utilities, which investors buy to play it safe and collect dividend payments, bucked the downward trend. The Dow Jones Utility Average increased 0.4 percent.

Coca-Cola, Johnson & Johnson and other big corporations whose stocks are often less volatile than the broader market made gains. Coca-Cola climbed 23 cents, or 0.6 percent, to $38.31.

JOBS REPORT: The Labor Department said employers added 192,000 jobs in March. That's less than economists had expected and also below February's total of 197,000. On the bright side, employers added a combined 37,000 more jobs in February and January than the government first estimated. A half-million Americans started looking for work last month, and many of them found jobs.

MUDDLED REACTION: "It's nothing to get too jazzed up about," said Robert Pavlik, chief market strategist at Banyan Partners. A lot of investors have argued that the winter weather held the economy back at the start of the year and that things would turn around as the temperature warmed up. The jobs report, Pavlik said, didn't support their case. "A lot of what people have been saying about payrolls isn't true," he said.

GRUBHUB POPS: GrubHub jumped 36 percent in its first day of trading on the New York Stock Exchange. The online food delivery company, which runs the Seamless website, raised $192.5 million in its initial public offering late Thursday, selling shares at $26 each. GrubHub's stock jumped $9.34 to $35.34.

NO DEAL: News that a Swedish drug company rebuffed a merger offer from Mylan, the generic drugmaker, sent Mylan's stock higher. Mylan surged $1.27, or 3 percent, to $51.13. Meda AB, the Swedish company, didn't explain why its board turned down the proposal.

WRONG TURN: CarMax slumped after the seller of used cars said its quarterly income dropped as an accounting correction outweighed higher demand for cars. The company's stock slumped $2.21, or 5 percent, to $45.35.

THIS WEEK: Earlier in the week, encouraging economic news nudged the stock market to fresh highs. A string of reports on manufacturing and hiring suggest that the economy is thawing out from a rough winter. The S&P 500 index has crept up nearly 1 percent this week.

BONDS AND COMMODITIES: Traders bought U.S. government bonds, pushing Treasury prices up and yields down. The yield on the 10-year Treasury note fell to 2.73 percent from 2.80 percent late Thursday. The price of crude oil rose 85 cents to settle at $101.14 a barrel. Gold gained $18.90 to close at $1,303.50 an ounce.
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 11 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 11 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 10 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 10 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 11 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 10 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 10 months ago )
Local/State News
White House offers governors info on refugees in their states after Syrian migrants uproar
WASHINGTON (AP) — The White House is proposing to offer governors individualized reports about refugees in their states.White House chief of staff Denis McDonough says in letters to all 50 governors t...
9:08PM ( 7 hours ago )
Standoff at Planned Parenthood ends with suspect's arrest; 3 killed, 9 wounded
COLORADO SPRINGS, Colo. (AP) — A gunman who opened fire inside a Planned Parenthood clinic was arrested Friday after engaging in gun battles with authorities during an hourslong standoff that killed t...
1:13AM ( 3 days ago )
White House undergoes Thanksgiving Day lockdown after man draped in American flag jumps fence
WASHINGTON (AP) — A man draped in an American flag climbed over the fence at the White House on Thursday, prompting a lockdown as the first family celebrated Thanksgiving.The man was immediately appre...
10:11PM ( 4 days ago )
Obama grants reprieve to turkeys 'Honest' and 'Abe' during White House ceremony
WASHINGTON (AP) — President Barack Obama spared two turkeys named for one of the nation's most admired presidents, continuing a White House tradition that provides a refreshing sense of amusement and...
9:18PM ( 5 days ago )
The Latest: UN Security Council strongly condemns 'horrifying' attack in Mali, urges probe
BAMAKO, Mali (AP) — The latest on the attack on a hotel in the Malian capital of Bamako. (All times local):___4:55 a.m.The U.N. Security Council is condemning "the horrifying terrorist attack" at the...
10:58PM ( 1 week ago )