DJIA / Market Close for Week Ending Friday, May 04, 2012

The Dow closed down -168.32 (-1.27%) at 13,028.27 as job growth slows.

The markets closed out their worst week of 2012.

For the week, DJIA was down -1.4%, Nasdaq -3.7%, S&P 500 -2.4% and Russell 2000 -4.1%.

Year-to-date DJIA is up +6.7%, Nasdaq +13.5%, S&P 500 +8.9% and Russell 2000 +6.9%.

That’s just sad, with the Russell 2000 only just barely beating out the Dow in year-to-date gains.

Today, all 30 Dow components were down, led by BAC (-3.25%), CSCO, JPM, MSFT, INTC, CAT, AA,CVX and DIS (-2.01%).

The April jobs report showed a net gain of 115,000 jobs, far less than the 160,000 forecast by economists. However, the report also showed upward revisions to the February and March jobs figures and a drop in the unemployment rate to 8.1%.

The dollar was up against the euro, British pound and Japanese yen.

Oil for June delivery dropped $4.05 to settle at $98.56 a barrel.

Gold futures for June delivery was up $10.40 to end at $1,645.20 an ounce.

The price on the benchmark 10-year U.S. Treasury was up following the jobs report, while the yield fell to 1.88% from 1.92% late Thursday.

Off-hand, I’d say lower prices are in our future. Exactly what I want. The scenario I want is to sell off some during the summer, then rocket higher into the elections and years end. I don’t think I’m asking for too much, do you?

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