Mixed Close For Markets As Unemployment Rate Surges
The markets closed mixed with the Dow adding 12 points to 8763 as the nation's unemployment rate surged to a 25-year high while the layoff rate slowed more than expected. Nasdaq eased a fraction to 1849.
On the upside
Jackson Hewitt Tax Services (NYSE: JTX) appointed Harry Buckley, former H&R Block Tax Services (NYSE: HRB) chief executive, to the position of chief executive prompting an upgrade.
American Axle (NYSE: AXL) said that sales will drop due to bankruptcy filings of automakers but the auto parts supplier reassured investors that the company will remain viable.
Clear Channel Outdoor Holdings (NYSE: CCO) appointed Chet Kwasniak as the new executive vice president and chief financial officer for the outdoor advertising company's Americas unit.
On the downside
ThinkEquity downgraded Human Genome Sciences (Nasdaq: HGSI).
May same store sales for Saks (NYSE: SKS) plunged 26.6%.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 530.
