Stocks close week with loss

August 1, 2008 3:36:40 PM PDT
Stocks closed lower after the government said that the nation's jobless rate rose to 5.7 percent and employers cut jobs for a seventh straight month. The Dow lost nearly 52 points to 11,326. It was down 0.4 percent for the week.

The S&P 500 dropped 7 points to 1,260, up slightly this week.

And the Nasdaq composite declined 14 points to 2,310, essentially unchanged for the week.

Declining issues outnumbered advancers by a slim margin.

Volume on the NYSE came to 4.4 billion shares. Nasdaq stock market volume was 2 billion shares.

Crude closed at $125.10, up $1.02 in New York.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-08-01-08 1616EDT