Greenbrier Companies (NYSE:GBX)
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From Dec 2019 to Dec 2024

By Kate Gibson

U.S. stocks declined on Friday, quickly shedding opening gains, after the government's layoff count for December cast last year as the worst year since 1945 for the labor market.

The Labor Department said employers axed 524,000 in December compared to projections from 600,000 to the 700,000 job losses estimated by payrolls processor ADP Wednesday. The U.S. unemployment rate rose to 7.2%, the highest in 16 years. .

"There was a reasonable amount of negative expectations built into this report. That said, there are not a lot of bright spots," said Dean Curnutt, president of Macro Risk Advisors.

The Dow Jones Industrial Average (DJI) fell 145.03 points to 8,597.43, with all but two of its 30 components trading lower.

The S&P 500 (SPX) declined 17.29 points to 892.44, with consumer discretionary shares pacing the losses among the index's 10 industry groups. The Nasdaq Composite (RIXF) shed 42.19 points to stand at 1,574.82.

The dollar recovered some losses versus the Japanese yen, and the FTSE 100 turned 0.3% higher in London after earlier losses.

Oil futures also moved off the day's lows.

Among stocks in the spotlight, Palm (PALM) built on Thursday's rally, rising 9% in pre-market trade. The company on Thursday unveiled a new touch-screen handheld device.

Apollo Group Inc. (APOL) shot up 13% in early trade after the education firm posted a 29% profit rise.

R.R. Donnelley & Sons Co. (RRD) slumped 8.1% after the publisher cut its 2008 earnings outlook on waning printing demand. Coach Inc. (COH) shares lost 11.5% after the luxury handbag maker cut its earnings estimates.

The Greenbrier Companies Inc. (GBX) shares slumped 15% as the railroad-supplies firm swung to a quarterly loss and sliced its dividend in half.

Satyam Computer Services Ltd. (SAY) plunged again in Mumbai as worried investors dumped the stock in the wake of reports the Indian software giant may be strapped for cash and that some clients were reviewing contracts. The U.S.-listed shares have been halted since Wednesday.

Major U.S. stock indexes closed mixed Thursday, as a lowered profit outlook from Wal-Mart Stores (WMT) hurt the Dow industrials, while expectations for a better-than-expected profit helped Sears Holdings (SHLD). In the final hour of trading, investors seemed cheered by news of a breakthrough agreement that could help curtail home foreclosures.

The Dow Jones Industrial Average closed 27 points lower, while the S&P 500 rose 3 points and the Nasdaq Composite added 17 points.

Ahead of the jobs report, Asian stocks closed flat to lower, with losses in Tokyo, South Korea and Hong Kong.

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