Job announcement deflates market
NEW YORK - A mixed employment report sent the stock market tumbling Friday as fearful investors unloaded technology shares and retreated to the energy and health care sectors.
The Dow Jones industrial average closed down 119.53 to 10,864.10, but still gained 1.9 percent for the week. The tech-dominated Nasdaq composite index slid 122.29 to 2,660.50, dropping 4.3 percent for the week - its first weekly decline in three weeks.
The Standard & Poor's 500 index lost 24.00 to reach 1,349.47, ending the week off 0.4 percent. Technology losses accounted for much of Friday's decline, although some blue chips also suffered. Intel, a Dow component, slipped $2.13 to $35.69, and Oracle lost $2.31 to $27.75.
The Dow also was pulled lower by declines in banker J.P. Morgan, down $1.21 at $54.64, and 3M, off $2.82 at $108.73.
Restaurant owner faces Nasdaq ouster
Madison, Ga.-based restaurant operator Avado Brands Inc. announced Friday it may be taken off the Nasdaq exchange because its stock has slid below the minimum $1 per share price.
The removal was to be effective Wednesday, but the company, which operates the 135-unit Don Pablo's Mexican Kitchen chain, has appealed the decision to the exchange's listing qualifications panel. A hearing date has been set for March 9.
The appeals process can be expected to last between 60 and 90 days. Avado Brands also operates 14 Canyon Cafe restaurants, 74 Hops brewpubs, and 32 McCormick & Schmick's seafood dinner houses.