Stocks Slip

Friday’s session closed out in the red zone. Caterpillar, Chevron, and Hewlett-Packard led decliners on the Dow. Momentum brought on by better-than-expected employment data faded as the session progressed. The Labor Department said total employment increased by 171,000 jobs in October. The results exceeded an expected addition of 125,000 jobs. Employment numbers for the previous two months were revised higher by 84,000. Additionally, the unemployment rate hit 7.9%, up from 7.8% in September. On another note, factory orders climbed in September. Orders for manufactured goods rose 4.8%, which was shy of expectations but well beyond a decline of 5.2% in August. Elsewhere, crude oil futures shed $2.23 today to settle at $84.86 a barrel.

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