Stocks move lower on Wall Street after US reports slowdown in hiring last month; Alcoa slides

NEW YORK, N.Y. – Stocks are lower after the U.S. government disappointed investors with news that hiring slowed sharply last month.

The Dow Jones industrial average was down 58 points, or 0.4 per cent, at 16,387 as of noon Eastern time.

The Standard & Poor’s 500 index was down four points, or 0.2 per cent, at 1,833 and the Nasdaq composite was down seven points, or 0.2 per cent, at 4,148.

Just 74,000 jobs were added to payrolls in December, the fewest in three years and far less than economists were expecting.

Alcoa fell 5 per cent. The aluminum company posted a $2.34 billion fourth-quarter loss due to low aluminum prices.

Utility stocks rose as investors favoured low-risk investments.

The dollar fell and bond prices rose as investors expected the Federal Reserve to keep interest rates low.