Jobs data ends US market's record run

The Dow Jones' three-day run of record highs was broken in overnight trade as US jobs data renewed concern about slower economic growth and stubborn inflation.

Investors worried that the Labor Department report's unexpectedly small increase in the number of jobs created by US employers in September may signal that economic growth is stalling.

Upward revisions to job numbers in previous months made it less likely the Federal Reserve would cut interest rates this year.

Slower growth combined with higher inflation are negatives for both consumer spending and corporate profits, two key drivers of the stock market.

The Dow Jones industrial average fell 16.48 points, or 0.14 per cent, to end at 11,850.21.

The Nasdaq Composite Index declined 6.35 points, or 0.28 per cent, to close at 2,299.99.

The British stock market raced ahead during the week on the back of weak crude oil prices and takeover news, but fell in overnight trade.

The FTSE closed down 3.3 points, or 0.1 per cent, at 6,001.2.

In local trade yesterday, the share market finished flat despite a strong lead from Wall Street.

The ASX 200 was up one point to 5,221, while the All Ordinaries Index added three points to 5,178.

On the cross-rates, at 9:00am AEST the Australian dollar was trading at 74.26 US cents, 39.69 pence Sterling, 58.92 euro cents, 88.39 yen and 1.12 New Zealand dollars.

The gold price slid to $US560.75 per ounce in trade on the London market.

A barrel of Brent North Sea crude for delivery in November tumbled to $US59.18 per barrel.

- AFP/Reuters