Stocks struggle following jobs and Italian unrest

FRIDAY'S MARKET WRAP-UP

Market Snapshot for November 5, 2011 (4:22 a.m. ET):

Closing Prices: DOW 11,983.24 (-61.23, -0.51%), S&P 500 1,253.23 (-7.92, -0.63%), NASDAQ 2,686.15 (-11.82, -0.44%), Nikkei 225 8,801.40 (+160.98, +1.86), DAX 5,966.16 (-167.02, -2.72%), FTSE 5,527.16 (-18.48, -0.33%)

OIL 94.26, GOLD 1,756.10, SILVER 34.084

EURO 1.3794, YEN 78.23, BRITISH POUND 1.6029, U.S. DOLLAR INDEX 77.16

Market Sells Off Following Employment Reports

Trading was in a holding pattern heading into Friday morning as market participants patiently awaited last month's employment data. The range heading into the news had a slightly bearish bias despite forming at highs due to the extreme upside that took place on Thursday and a shift in momentum within the range itself heading into Friday morning. This bias was then aided by a dismal response to the premarket news. Even though the unemployment rate slipped from 9.1% to 9.0% in October, job creation was still underwhelming. Nonfarm payrolls fell 5,000 short of the 85,000 that had been anticipated. Nonfarm private payrolls were up 104,000, which was also less-than-anticipated.

Once the news sunk in, the market sunk as well. The selloff continued throughout the first half of the morning, but finally found support from Tuesday's highs. The indices reversed course mid-day, but the reversal was a sloppy one with a lot of price overlap and congestion before finally pulling higher out of the 13:00 ET correction period.

Dow Jones Industrial Average (Figure 1)

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