The US Department of Labor issued a good report on payroll gains (up 192,000) and unemployment, down a bit to 8.9%. But a downgrade on first-quarter earnings at some large US investment banks weighed on the market. And then of course, there was the jump of more than $2/barrel in the price of crude.

The price for WTI is now at its highest since 2008, at $104.85/barrel on fears that the turmoil in North Africa and the Middle East will get worse. Gold prices have risen as well, by more than $13, to $1,429.70/ounce. The euro broke over $1.40, but has pulled back a little as the US dollar continues to weaken.

Here are the numbers for late afternoon trading today:

Dow Jones 12,169.88 -88.32 (-0.72%)
S&P 500 1,321.15 -9.82 (-0.74%)
Nasdaq 2,784.67 -14.07 (-0.50%)

MOST NOTEWORTHY: MedicNova, Transocean and Lennox were today's noteworthy initiations:

• Rodman & Renshaw is positive on MedicNova's (NASDAQ:MNOV) two primary products in development: MN-221, for the treatment of severe asthma and MN-166, an oral treatment for multiple sclerosis. The firm is also positive on MNOV's valuation; shares were initiated with an Outperform rating and $9 target.
  
• Transocean (NYSE:RIG) is UBS's Top Pick as they believe it is the primary beneficiary of rising deepwater dayrates. Shares were assumed with a Buy rating and $201 target.
  
• Suntrust initiated Lennox (NYSE:LII) with a Neutral rating and cites near-term visibility.

OTHER INITIATIONS:

• Dean Foods (NYSE:DF) was initiated with an Outperform rating and $29 target.
  
• Goldman started Parker-Hannifin (NYSE:PH) with a Neutral rating and $92 target.
  
• UBS assumed Hercules Offshore (NASDAQ:HERO) and Pride International (NYSE:PDE) with Neutral ratings and targets of $35 and $49, respectively.