Commodities Drag on Market

As reported by Chuck Mikolajczak of Reuters, U.S. stocks fell on Friday, interrupting the Dow’s eight-session winning streak, as the dollar’s climb hurt oil prices and dragged on energy stocks.

The euro fell to more than a two-week low against the greenback on revived worries about Greece’s debt problems. Dollar-denominated commodities such as oil and gold fell as a stronger dollar makes them more expensive for holders of other currencies.

Regarding Greece and its huge debt burden, the European Union’s monetary affairs chief urged the bloc’s leaders to agree on a standby aid package for Greece next week. But investors fear German reluctance could hinder the effort.

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September Job Surge Calms Fears of Recession

Wall Street breathed a sigh of relief Friday upon news that the Labor Department had added 103,000 jobs in September.

As reported by Bloomberg’s Christopher S. Rugaber, the report sent the stock market higher. The Dow Jones industrial average was up about 35 points at midday. In the bond market, yields rose, another sign that investors welcomed the news.

The Labor Department also said Friday that the nation added more jobs than first estimated in July and August. The government’s first reading had said the economy added zero jobs in August.

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