News Summary: Stocks flat despite weak jobs report
Posted at: 09/06/2013 6:05 PM
The Associated Press
WEAK SUMMER: Employers added 169,000 jobs in August but the government revised down the number of jobs created in June and July. Combined, June, July and August amounted to the weakest three-month stretch of job growth in a year.
MORE FED STIMULUS: The disappointing jobs report pushed the yield of the U.S. 10-year Treasury note down to 2.94 percent from Thursday’s 3 percent, on speculation the Federal Reserve would continue buying bonds to prop up a slowing economy. Stocks closed mostly flat for the day.
TO THE MATTRESSES: Shares of retail chain Mattress Firm plunged 15 percent to $35.59 after the company reported a second-quarter profit that fell far below financial analysts’ expectations.
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