January 7th, 2011
09:29 PM ET

Treasuries pop after jobs report

A look at the day's business news headlines:

Bank stocks drag markets lower 
U.S. stocks came off session lows but ended weaker Friday afternoon after a court ruled against Wells Fargo and US Bancorp in a foreclosure case. The ruling sparked a sell off in bank stocks that rippled through the broader market.

The Dow Jones industrial average ended down 23 points, or 0.2%, with Travelers Companies, JPMorgan Chase sandbank of America leading the decline.

Earlier, the blue chip index had lost 97 points. The S&P 500 finished off 2 points, or 0.2%, and the tech-heavy Nasdaq lost 7 points, or 0.3%. The KBW Bank Index dropped almost 1%.

Investors also reacted to the government's latest reading on the labor market. The U.S. economy added slightly fewer-than-expected jobs in December, but the unemployment rate edged lower than economists had anticipated.

Treasuries pop after jobs report 
Treasuries headed higher Friday, as investors looked for a safe haven following a government report showing employers added fewer-than-expected jobs last month.

The government's monthly reading on the labor market showed employers added 103,000 jobs in December, compared to the 150,000 gain that economists surveyed by CNNMoney had expected. Meanwhile, the unemployment rate eased to 9.4%, the lowest level since 2009.

Traders had been bracing for the report all week, and Treasuries got a boost soon after it was released. Uneasiness about the economy tends to lift Treasuries, which are viewed as safe investments and are particularly attractive during times of economic uncertainty.

"The jobs report for a second month in a row is giving investors a little bit of pause in their view that the economy is on fire," said Wan-Chong Kung, a senior fund manager at First American Funds.

- CNNMoney.com reporters Blake Ellis and Hibah Yousuf contributed to this report.

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Filed under: Economy
soundoff (13 Responses)
  1. pamelakuo

    The market rates may have gone down, or remained the same. For the homeowner to get qualified for lower rates, there are certain prerequisites but I would recommend you search online for "123 Mortgage Refinance" before you decide because they can find the 3% refinance rates.

    January 8, 2011 at 12:38 am | Report abuse |
  2. Rodja

    Big deal.

    January 8, 2011 at 5:28 am | Report abuse |
  3. ronaldharris

    I in joy cnn news. I live in. Oklahoma

    January 8, 2011 at 9:07 am | Report abuse |
  4. Ed Bailey

    Why not!Nothing has changed out here!

    January 8, 2011 at 9:47 am | Report abuse |
  5. the tea kettle and the coffee pot

    things are looking bright for intelligent people.... The tea bangers have little real future so pour another cup of hot coffee in cups not made for mcdonalds.

    January 8, 2011 at 10:48 am | Report abuse |
  6. Veritas

    Its going to scald the teabaggers but they've caused enough pain to Americans so they deserve a payback. jobless rate down its a start. i live in michigan our unemployment rate WAS 11.5% before Mr. Obama was put in office now i know of 8 of 10 people personally who are gainfully employed in jobs that provide insurance. those numbers speak volumes to me. of course i am not a nay sayer i see it getting better and all i can tell you is Yes We CAN!!

    January 8, 2011 at 12:48 pm | Report abuse |

    103k jobs at fast food places isnt going to help.

    January 8, 2011 at 4:48 pm | Report abuse |
  8. Veritas

    @Ruffnutt fyi these are factory jobs not fast food jobs and any job thats steady with overtime and insurance is a good sign. If you dont know dont put it down. you are continually negative without facts backing you up. so why do you run off at the mouth or was that your azz that was doing the talking as usual.

    January 8, 2011 at 5:00 pm | Report abuse |

    you know eventually were going to have to pay all that money back...

    fact is people in michigan are lazy and didn't want to work till obama gave them some obama-money.

    so what now 8-10 are working at a chese-curd factory?

    January 8, 2011 at 5:50 pm | Report abuse |
  10. Cesar

    Go Jets!

    January 9, 2011 at 12:35 am | Report abuse |
  11. chrissy

    hmm wondering if veritas lives in the same michigan i live in cuz my mich the unemployed is much higher. when they post those percentages that is the count based on ppl who are presently recieving uia not those that have exhausted or didnt qualify

    January 9, 2011 at 1:18 am | Report abuse |
  12. chrissy

    and ruffnutt do you live in michigan?? if so than i would like to crown you...mr king of crap as u are full of it!

    January 9, 2011 at 1:22 am | Report abuse |
  13. chrissy

    the only recipients of free money were the banks which were nationwide not specific states and that was given by bush NOT obama. they got the free ride not mich.

    January 9, 2011 at 1:26 am | Report abuse |