The major market indexes pared their losses by the close as bulls bounced back

Stocks dropped dramatically today in the wake of a disappointing nonfarm payrolls report  from the Labor Department, as traders were confronted with hard evidence of a frustratingly weak jobs market. In fact, the news seemed to be the final straw for analysts at Goldman Sachs, as the brokerage firm slashed its forecast for U.S. economic growth in 2011 and predicted "another round of unconventional monetary easing" from federal policymakers. The major market indexes all tumbled to heavy losses by midday -- but the bulls proved their resilience by switching into bargain-hunting mode in afternoon trading. As a result, stocks pared their losses into the close, and what could have been a catastrophic session wrapped up with remarkably unremarkable declines....( Read More )No tags for this post.