Permanent Value

Stocks Slightly Down After Unexpected Drop in Unemployment Rate

Michael La Salle
February 5th, 2010

Stocks were slightly down this week as the Dow Jones Industrial Average lost 0.6% and the S&P 500 fell 0.7%. This came in a week that showed an unexpected drop in the US unemployment rate as employers cut 20,000 jobs in January, bringing the unemployment rate to 9.7%. In earnings news, United Parcel Service, Cisco, and Visa all beat analysts’ expectations. Exxon Mobil also surprised on the upside by posting fourth quarter earnings of $1.27 per share, beating expectations of $1.19 per share.