Dow Drops 12 as Traders Wait for Jobs Report
NEW YORK, Oct. 6ÛÓBlue-chip stocks closed lower today as Wall Street braced tor the September unemployment report, one of the most closely watched economic indicators.</br></br>The Dow Jones industrial average ended 11.78 points lower at 3775.56, its third straight loss. In the broader market, declining issues outnumbered advancing stocks by about 11 to 10 on New York Stock Exchange volume of more than 268 million shares.</br></br>"Everybody has pretty much backed away, waiting for the employment number,Û said Hugh Johnson of First Albany Co. Johnson said any sign in FridayÛªs jobs report of an overheating economy could send bonds and stocks falling.</br></br>Reports from the nation's auto manufacturers earlier this week put sales at a solid 7.2 million vehicle annual rate. The figures were viewed as a sign of economic strength and heightened fears of another interest rate increase.</br></br>"Everything is pointing to strong retail demand and certainly strong production,Û said John Shaugh-nessy, research director at Advost Inc. ÛÏStocks are going to labor within the context of fears of rising short-term interest rates."