These days, it's all about the economy, and for most people, the most important economic indicator is whether they have a job. In that context, today's employment report was disappointing, with only 115,000 new jobs created in April. Although upward revisions to February and March offset part of the shortfall, the weak job market once again raised the question of whether the Federal Reserve would take steps to further stimulate economic activity. Without assurances of more quantitative easing, the Dow Jones Industrials (INDEX: ^DJI ) fell more than 1%, with a 135-point drop shortly before 10:45 a.m. EDT. All 30 Dow stocks were down.
Oil took a particularly strong hit, falling all the way down to the $100-per-barrel mark as fears of slower economic activity would presumably create less demand for energy products. Both ExxonMobil (NYSE: XOM ) and Chevron (NYSE: CVX ) fell between 1% and 2%, as they have depended on high oil prices to help offset the big drop in natural gas. If oil keeps dropping, then even recent dividend increases won't be enough to keep their stocks from declining along with oil prices.
Bank of America (NYSE: BAC ) was again the big loser in the Dow, falling more than 3%. Although general economic woes have hammered the bank hard, it's likely that investors bid B of A down in tandem with AIG (NYSE: AIG ) . The latter was down more than 5% despite an earnings report that featured net income that more than doubled and a strategic turnaround plan that still seems to be on target.
Think about the big picture
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