U.S. stocks fall sharply; election e

U.S. stocks fall sharply; election eyed

U.S. stocks fall sharply; election eyed
For the week, Dow index falls 0.1%, S&P 500 gains 0.2%
NEW YORK (MarketWatch) — U.S. stocks fell sharply on Friday, as cheer over better-than-expected employment data gave way to nervousness ahead of the U.S. presidential election next week.

The equity market had been buoyed at the open by data showing that the American economy created more jobs than expected in October, pointing to a gradual but steady improvement in the labor market.

However, jitters about Tuesday’s presidential and Congressional elections quickly prevailed.

“Investors are telling me they’re doing nothing until next week,” said Dan Greenhaus, chief global strategist at BTIG. “All that matters at this point is the fact that the election is in a few days.”

The Dow Jones Industrial Average (DJI JIA) dropped 139.46 points, or 1.1%, to 13,093.16. It had traded as high as 13,289.45. The blue-chip index posted a 0.1% decline for the week.

Oil giant Chevron Corp. (NYSE:CVX) and equipment maker Caterpillar Inc. (NYSE:CAT) were the top losers in the Dow, falling 2.8% and 2.1%, respectively. Bank of America Corp. (NYSE:BAC) was the top gainer in the Dow, with its shares ending up 1.1%.

The S&P 500 index (SNC:SPX) lost 13.39 points, or 0.9% to end at 1,414.20, with energy and materials the biggest losers among its 10 major industry groups. For the week, the index gained 0.2%.

The Nasdaq Composite index (NASDAQ:COMP) fell 37.93 points, or 1.3%, to 2,982.13. For the week, it dropped 0.2%.
http://www.marketwatch.com/story/us-stocks-ri...2012-11-02