U.S. stocks ended lower on Friday after a solid jobs report increased expectations of a rate hike in September. Bobbi Rebell reports.
U.S. stocks ended the week on a sour note with a losing session on Friday. In fact, for the week, the major U.S. indexes all lost ground. A solid jobs report solidified expectations of an interest rate hike by the Federal Reserve in September. In July, employers added 215,000 jobs, and the unemployment rate remained at 5.3 percent. The Conference Board's Gad Levanon: SOUNDBITE: GAD LEVANON, MANAGING DIRECTOR, THE CONFERENCE BOARD (ENGLISH) SAYING: "I think, it was pretty good. Every month, when we have more than 200,000 jobs, that's a good development. The labor force is barely growing at all. So, with 200 or even less job growth every month, the slack in the labor market is evaporating, and we are getting to a tighter and tighter labor market, which, I think, is good for employees. " Exxon Mobil shares dragged down the Dow as oil prices marked six week of consecutive declines. Cablevision shares under pressure after the company said margins were being hurt as it tried to keep customers from cutting the cord. Nvidia's shares hit a four-month high after the chipmaker reported a surprise increase in second-quarter revenue. Groupon shares slid. The daily deals website had a revenue miss and lowered forecasts, blaming the strong dollar. Hershey sales were flat. The candy maker hurt by price hikes in North America and weaker demand in China. European stocks fell after a surprise decline in Germany's industrial output.