The Dow dropped 139 points - roughly what it gained on Thursday and another sign that investors remain conflicted on the short-term direction of the economy. But what about October's solid jobs report? Well, Wall Street apparently was focusing less on what it already knew - that the economy is growing at a modest clip - and more on the uncertainty of what Washington will do about taxes and the deficit, otherwise known as the fiscal cliff. Just another example of why you don't want to predict how the market will react to a single news event. At the close, the Dow was at 13,093, up 7.2 percent on the year. That's still fine, all things considered, though the numbers had been falling for much of October.
More by Mark Lacter:American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
New at LA Observed
On the Politics Page
Go to Politics
Sign up for daily email from LA Observed