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Published on Friday, September 05, 2008
By LA Daily News Staff Writer
NEW YORK - Stocks reversed a steep sell-off to end mostly higher Friday as fears about a worrisome jobs report gave way to bargain hunting in sectors like financials and consumer staples.
Wall Street initially fell after the Labor Department reported that payrolls shrank more than predicted last month and that the unemployment rate reached a five-year high. But stocks that had been pounded lower, including a huge drop on Thursday, were suddenly more attractive to investors willing to make some bets.
The Labor Department said payrolls shrank by 84,000 last month, more than the 75,000 economists predicted, and higher than the 51,000 jobs lost in July. The unemployment rate rose to a five-year high of 6.1 percent from 5.7 percent.
The report confirmed Wall Street's fears that the economy continues to weaken. The nation has lost nearly 550,000 jobs so far this year, eroding investors' hopes for a late-year recovery
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