U.S. stocks were mixed on Friday after new data reported the biggest unemployment rate climb in five years, causing the market to pare its largest weekly advance since February.
The Dow Jones was down 24.27 points, or 0.19 percent to 12,601.76 at 11:50 am in New York, with the losses led by General Motors Corp, off 4.1 percent. JPMorgan Chase & Co., Gap Inc. and General Motors Corp. led declines as payrolls shrunk for a third straight month.
The Standard & Poor's 500 Index gained 1.37 points, or 0.1 percent, to 1,370.688 at 10:12 a.m. in New York. The Nasdaq Composite Index climber 4.71, or 0.2 percent, to2,368.01 Almost two stocks fell for every one that rose on the New York Stock Exchange.
Payrolls dropped by 80,000 in March after a decrease of 76,000 in February that was more than initially reported, the Labor Department said. Many investors were relieved that the total was not 100,000 or more. Payrolls for January and February were revised lower by a total of 67,000 and the unemployment rate shot up to 5.1 percent, the highest since September 2005.
The dismal results were widely expected. Thomson/IFR estimated 15,000 jobs were lost in March, while some economists projected 150,000 job cuts.
Exxon added 86 cents to $89.09 after crude oil for May delivery rose $1.32, or 1.3 percent, to $105.20 a barrel in New York.
On the Dow, Citigroup Inc. fell 2.7 percent, while J.P. Morgan Chase & Co. shed 1.1 percent and retailer Gap lost 2.6.