Stocks edge lower on mixed news on jobs reports

NEW YORK (AP) — Stocks fell modestly today after mixed news from the Labor Department's monthly employment report. The Dow Jones industrial average dipped below the 10,000 line.

The unemployment rate unexpectedly fell in December to 9.7 percent from 10 percent, even though analysts expected an uptick.

At the same time, however, employers cut 20,000 jobs, more than the 5,000 economists expected, according to Thomson Reuters. The two numbers are calculated from different surveys.

Timothy Speiss, head of Eisner LLP's Personal Wealth Advisors group, said the improving unemployment rate was a good sign, but investors are well aware that the problems in the economy that have stocks falling in recent weeks are still there.

"There will be excitement, relief about the number," Speiss said. "But we need to keep going."

The Dow fell 44.51, or 0.5 percent, to 9,957.67 in morning trading. The Standard & Poor's 500 index fell 4.47, or 0.4 percent, to 1,058.64, while the Nasdaq composite index fell 5.73, or 0.3 percent, to 2,119.70.