Wall St: Friday mid-session

13 April 2012

STOCKS dipped after news of a disappointing employment figures. Employers took on just 1,000 new workers in December, far short of predictions of a 130,000 gain.

The Dow Jones industrial average fell 120 points, or 1.13% to 10,472 and the Nasdaq Composite Index erased earlier gains and fell 10 points, or 0.50% to 2,090.

Dow component Alcoa dropped $1.18, or 3.1% to $37.48. The aluminum producer posted a quarterly profit that exceeded Wall Street's expectations, but analysts noted the company had a low tax rate and reaped $105 million in gains from insurance settlements.

SBC Communications skidded 98 cents, or 3.6% to $26.60 and also weighed on the Dow. Merrill Lynch cut its rating on the phone company to 'sell' from 'neutral,' citing its stock valuation, challenging growth prospects and pressure on its profit margins.

Phone company AT&T, another Dow component, was also downgraded by a brokerage. Deutsche Bank Securities cut its rating on AT&T to 'sell' from 'hold.' Its shares sank 81 cents, or 3.7% to $21.17.

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