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Mid-Day Update: Stocks Waffle After Employment Data

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U.S. Market
The market waffled this morning following better-than-expected job loss data. The U.S. Labor Department reported that nonfarm payrolls slid 345,000 in May, below the 525,000 that economists were expecting. The unemployment rate rose to 9.4%, the highest level since August 1983. Click here for the latest market commentary from

Stocks on the Move
The FDIC is pushing for changes in  Citigroup's (C) executive suite, according to a report in the Wall Street Journal. Officials are reportedly concerned that the bank has not recapitalized quickly enough or made aggressive enough moves to shed troubled assets. Former  US Bancorp (USB) CEO Jerry Grundhofer has been floated as a possible replacement for current Citi CEO Vikram Pandit.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.