US stocks flat ahead of key non-farm jobs report
US stocks ended a volatile trading day mostly flat yesterday as investors were reluctant to make bets a day before a critical labour market report that could magnify fears the economy is slowing.
Bank stocks stabilised after falling on news that Goldman Sachs was subpoenaed by New York prosecutors seeking information on its role leading into the global financial crisis. Goldman’s stock fell 1.3 per cent to $134.38, while the KBW Banks Index rose 0.2 per cent after falling earlier.
Education stocks rallied on heavy volume after US officials relaxed rules that could have cut off tuition aid to programmes run by for-profit colleges. DeVry and Apollo Group were the top two gainers in the S&P consumer discretionary sector.
DeVry shot up 14.6 per cent to $61.86, while Apollo surged 11.1 per cent to $46.87.
The Dow Jones industrial average fell 41.59 points, or 0.34 per cent, to 12,248.55. The Standard & Poor’s 500 Index dipped 1.61 points, or 0.12 per cent, to 1,312.94. The Nasdaq Composite Index rose 4.12 points, or 0.15 per cent, to close at 2,773.31.
Initial jobless claims slipped 6,000 to a seasonally adjusted 422,000 in the latest week, while economists polled by Reuters had forecast 415,000.