Stocks Slump Again on Jobs Report, Argentina Default Concerns

Stocks slumped again on Friday, tallying weekly losses, as the government reported fewer jobs than expected were created in July and concern over Argentina's default persisted. The Dow Jones Industrial Average, which fell over 300 points or 1.8 percent on Thursday, closed unofficially 67 points lower, the S&P slid 5 points and the Nasdaq lost 17 points. Several market strategists said there were few fundamental reasons driving the market lower. "The market is ripe for a pullback; anxieties are sufficiently high enough for that to occur," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "We still have this Argentine credit situation rearing its ugly head, and if you think about it, how long has the entire world been calling for a five percent correction?" said JJ Kinahan, chief strategist at TD Ameritrade. Earlier, the Bureau of Labor Statistic said non-farm payrolls rose by a less-than-expected 209,000 last month and the jobless rate rose to 6.2 percent.


- Kate Gibson,