US stocks retreat ahead of key US jobs report

Trader Brian Sears, left, and Peter Mancuso confer on the floor of the New York Stock Exchange on Thursday, April 3, 2014. US stocks closed modestly lower Thursday as investors digested a series of economic data ahead of Friday’s big jobs report for March. AP PHOTO/RICHARD DREW

NEW YORK—US stocks closed modestly lower Thursday as investors digested a series of economic data ahead of Friday’s big jobs report for March.

The Dow Jones Industrial Average closed flat, down a scant 0.45 point at 16,572.55.

The broad-based S&P 500 slipped 2.13 (0.11 percent) from Wednesday’s record close to 1,888.77, while the tech-rich Nasdaq Composite Index slid 38.72 (0.91 percent) to 4,237.74.

The main indices had opened with small gains but quickly slipped into negative territory.

“The Street may be cautious ahead of tomorrow’s nonfarm payroll report,” Charles Schwab & Co. said.

The Labor Department is expected to show the US economy added 195,000 jobs in March, up from 175,000 in February, and the unemployment rate ticked down to 6.6 percent from 6.7 percent.

Economic data were mixed. The services sector’s activity partly rebounded from a steep February fall, the US trade deficit widened more than expected and weekly initial unemployment claims rose.

A report that Citigroup faces a criminal probe over a $400 million fraud at its Mexico unit shaved 1.2 percent off the stock.

Nasdaq tech giant Apple shed 0.7 percent.

US technology giant Google Thursday exited the rarefied club of $1,000 stocks after a two-to-one stock split. The group of “A” shares, trading under the “GOOGL” ticker, gained 0.6 percent at $571.50. The new class of non-voting “C” shares, under the ticker “GOOG,” rose 0.5 percent to $569.74.

Juniper Networks, a software and data network company, gained 1.7 percent after disclosing a plan to trim worldwide headcount by six percent.

Internet radio service Pandora reported that active listeners at the end of March were 75.3 million, an increase of eight percent from the year-ago period. Shares plunged 5.1 percent.

Liquidity Services, an online auction marketplace, fell almost 12.0 percent after a disappointing result in a Defense Logistics Agency procurement competition. Bank of America said Liquidity lost an auction to a competitor for a contract tied to the supply vehicles and trailers.

Anadarko Petroleum said it will pay $5.1 billion to settle billions in environmental claims against Kerr-McGee, an oil company it acquired in 2006. The stock jumped 14.5 percent.

Bonds rallied. The yield on the 10-year US Treasury fell to 2.79 percent from 2.80 percent on Wednesday, while the 30-year declined to 3.63 percent from 3.65 percent. Bond prices and yields move inversely.