May 21, 2013
Wall Street ends week with a selloff, European shares up
US stocks ended an unusual storm-shortened trading week with a selloff today, as major indexes erased early gains sparked by a stronger-than-expected payrolls report.
The Dow Jones industrial average dropped 139.46 points, or 1.05 percent, to 13,093.16. The Standard & Poor's 500 Index lost 13.39 points, or 0.94 percent, to 1,414.20. The Nasdaq Composite Index declined 37.93 points, or 1.26 percent, to close at 2,982.13.
European shares rose after a forecast-beating US jobs report, although near-term index moves were likely to be subdued until the outcome of the US presidential election is known, traders said.
The FTSEurofirst 300 closed up 0.5 percent at 1,115.19, taking its weekly rise to 1.6 percent, though it ended off a session peak of 1,118.10 hit after the U.S. jobs data.