Dow: below 13,000

Dow: below 13,000

new york

Investors had a three-day weekend to brood over disappointing job growth in March. When they got back to work Monday and delivered their verdict, it wasn’t good.

Stocks closed sharply lower, sending the Dow Jones industrial average and the Standard & Poor’s 500 index to only their second four-day losing streak this year.

The Dow finished down 130.55 points at 12,929.59, its first close below 13,000 since March 12.

The Dow and S&P had four consecutive trading days of declines at the end of January, but the losses then were smaller. The Dow lost 124 points over that stretch. It has lost about 330 this time.

Patents becoming more valuable assets

dateline

AOL’s $1 billion deal to sell and license patents to Microsoft is another in a series of “Antiques Roadshow” moments in the technology world. Faded companies have been rummaging through their assets recently, and some of them have found musty old patents that turn out to be worth a great deal.

Patents have become a hot commodity in recent years. They give the holder the exclusive right to use certain technologies or business processes in the U.S. Companies such as Microsoft, Apple, Facebook, Google and others are collecting large patent libraries and increasingly using them in lawsuits — to defend their businesses or to attack rivals.

Oil prices fall on economic concerns

new york

Concerns about the economy pushed oil prices lower Monday.

West Texas Intermediate, the U.S. benchmark crude, gave up 85 cents to end at $102.46 per barrel. Brent crude, which is used to price oil imported by U.S. refineries, fell by 76 cents to finish at $122.67 per barrel.

The U.S. economy added just 120,000 jobs in March — half as much as each of the previous three months. The government reported the disappointing data on Friday, but Monday was the first day oil markets could react. Stocks also fell.

Analysts said the slower pace of hiring could be a symptom of a weakening economy. It also hints at a slowdown in gasoline usage.

Iran also weighed on oil markets. OPEC’s No. 2 oil producer agreed to have talks about its nuclear program with the West starting Friday.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.96 —0.27

Avalon Holdings,4.60—0.36

Clear Channel, .77 72.50 —2.77

Cortland Bancorp, 8.75+0.80

Farmers Nat., .126.30 —0.13

First Energy, 2.20, 45.60—0.36

FirstMerit Corp., .64,16.30 —0.19

First Niles Financial, .32,10.000.00

First Place Fin., 0.700.00

FNB Corp., .48,11.61—0.28

General Motors,24.200.61

General Electric, .68,19.20—0.29

Motors Liquidation, 0.04220.00

Huntington Bank, .16, 6.34—0.08

JP Morgan Chase, 1.00,43.89—0.45

Key Corp, .12,8.15—0.12

LaFarge, 10.80 —0.08

Macy’s, .80, 39.98—0.89

Parker Hannifin, 1.56, 82.60—0.50

PNC, 1.40,62.64—0.89

RTI Intl. Metals,21.52—0.09

Simon Prop. Grp.,3.60,144.65—1.14

Stoneridge 9.39 —0.27

United Community Fin. 2.01—0.10

Selected prices at 4 p.m. Monday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.