Wall Street's Jobs Selloff Vanishes

Wall Street closed in the red on Friday for the second session in a row, but the losses were muted as the bulls erased the bulk of a triple-digit decline that had been fanned by July's gloomy jobs report. Friday’s Markets The Dow Jones Industrial Average fell 21.42 points, or 0.20%, to 10653.56, the Standard & Poor's 500 sank 4.17 points, or 0.37%, to 1121.64 and the Nasdaq Composite dropped 4.59 points, or 0.20%, to 2288.47. The FOX 50 lost 2.15 points, or 0.26%, to 810.45. After tumbling nearly 160 points in the wake of the weaker-than-expected labor data, Wall Street enjoyed an afternoon comeback that kept all three major indexes in the green on the week and the year. The rally off the lows didn't appear to be sparked by any new developments and caught some market watchers by surprise. “The bulls continue to be in control of the market. Even with this disappointing jobs report, the market still can’t sell off. It’s an encouraging sign of resilience in the face of disappointment,” said Michael James, senior equities trader at Wedbush Morgan Securities. The late-day bounce doesn’t change the fact that the jobs report, which showed the U.S. lost 131,000 jobs in July, presents a bleak picture for the labor markets and underscores worries on Wall Street about a double-dip recession. “I would have expected the market reaction to be worse. It’s tough to find any real positives in this jobs report,” said Craig Peckham, equities trading strategist at Jefferies & Co. “I think this is definitively disappointing on most all fronts." By the closing bell almost half of the Dow's 30 stocks were in the green, led by McDonald's MCD and Kraft KFT, which reported stronger-than-expected adjusted-earnings. The index's worst performers were ExxonMobil XOM and JPMorgan Chase JPM. To read the rest, head over to FOX Business.