US stocks dip after mixed jobs data
Wall Street stocks dipped on Friday following data that showed slower hiring in the United States but which was seen as keeping the Federal Reserve on track to raise interest rates. The world's biggest economy added 209,000 jobs last month, fewer than expected, but the unemployment rate edged down to 3.6 percent, remaining close to historic lows. Analysts said while the jobs figures were less impressive, strong wage growth kept the pressure on the Fed to again lift interest rates this month to counter inflation. The jobs number "was not stellar, but it was certainly solid," said Quincy Krosby of LPL Financial. The Dow Jones finished down 0.6 percent at 33,734. The S&P 500 dipped 0.3 percent to 4,398, while the Nasdaq slipped 0.1 percent to 13,660. Among individual companies, Levi Strauss fell 7.8 percent as it lowered its full-year profit forecast. Costco Wholesale dropped 2.3 percent as it reported negative comparable sales for the five weeks ending July 2. Biotech shares were under pressure. Amgen, Gilead Sciences and Biogen all dropped around two percent or more. (AFP)