Expectations that positive job reports will bring renewed confidence in the U.S. stock market did to materialize, U.S. stock market news for August 5, 2011 showed, according to CNN. All three major stock indexes declined following only 30 minutes of trading activity with investors discouraged by bad news on U.S. economic development and continuing debt problems in Europe.
The Nasdaq Composite reported the biggest decline of the three indexes, losing 31 points, or 1.2 percent, the U.S. stock market news August 5, 2011 show. The S&P 500 lost 7 points, or 0.5 percent, followed by the Dow Jones industrial average, which declined by 30 points, or 0.2 percent, the CNN Market Watch reports.
The U.S. Labor Department reported better than expected number of new jobs in July, revealing that the U.S. economy created 117,000 new jobs, beating expectations of analysts who forecast gains in the range of 75,000 jobs. The stock market enthusiasm did not last for long with investors continuing to lose confidence that stable economic recovery is on the horizon.
The bad U.S. stock market news for August 5, 2011 were accompanied by discouraging news for the U.S. dollar on the Forex market. The greenback lost in value against the euro, the Japanese yen and British pound and managed to report gains against the Swiss franc.