The S&P 500 ended lower on Friday for a ninth straight day, the longest losing streak for the benchmark index in more than 35 years, as investors stayed on edge ahead of an uncertain U.S. election. Bobbi Rebell reports.
Stocks fell for the 9th straight session on Friday. For the week, stocks were in the red as well. The big news at the end of the week: the monthly jobs report. It showed higher wages for American workers, and a strong pace of hiring. The unemployment rate fell to 4.9 percent. Nonfarm payrolls increased by 161,000. All that ups the odds for a December interest rate increase. Lakshman Achuthan of the Economic Cycle Research Institute SOUNDBITE: LAKSHMAN ACHUTHAN, ECONOMIC CYCLE RESEARCH INSTITUTE (ENGLISH) SAYING: "They need to hike so that they can lower when the next recession does show up and that is a- They have finally come to realize that and they are struggling with a weak long term trend growth that a lot of economists are now acknowledging. " Investors remain on edge ahead of Tuesday's election. Randy Frederick of Charles Schwab: SOUNDBITE: RANDY FREDERICK, VICE PRESIDENT, CHARLES SCHWAB (ENGLISH) SAYING: "Our advice for investors is that if you are concerned about it there is still plenty of time to put a hedge on your positions. And we never tell people to sell everything and go into cash, because we think that is always bad advice. But there is plenty of time to put on a hedge, a very short term hedge that can be taken off shortly after the election if you think there might be some volatility, and, of course that is a possibility." Starbucks, moving higher a day after reporting better-than-expected quarterly results. Tesla and SolarCity moving higher after Institutional Shareholder Services recommended investors approve the electric car maker's plan to buy SolarCity. In Europe, the losing streak continued with the major country indexes closing the week out in the red.