Stocks Close Mixed After Jobless Rate Drops

NEW YORK (October 5, 2012)--Stocks struggled to a mixed close Friday on Wall Street, giving up an early rally after the government said the unemployment situation was better than many economists had expected.

Stock indexes initially rose, but the gains were mostly gone by afternoon.

The Dow Jones industrial average closed up 35 points to end the day at 13,610 after being up as much as 86 points earlier.

The Standard & Poor's 500 fell half a point to close at 1,461 and the Nasdaq composite gave up 13 points to close at 3,136.

The unemployment rate fell to 7.8 percent, its first dip below 8 percent in nearly four years.

The decline was bigger than economists expected.

Rising stocks outnumbered falling ones four-to-three on the New York Stock Exchange where volume was slightly below the recent average at 3.1 billion shares.

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