The major indexes fell in a rare pre-4th of July retreat following a disappointing jobs report from the Labor Department. The Dow lost 223 points after extending its trading session by 15 minutes to 4:15 p.m., ET to make up for "system irregularities" that occurred earlier in the day. The Nasdaq declined 49 points and the S&P 500 lost 26. All 30 of the Dow's components lost ground led by Alcoa (AA) and Caterpiller (CAT), which lost 4% each. Volume was light ahead of the holiday as Wall Streeters began to head for the mountains and the shores a bit earlier than usual. Decliners outnumbered advancers by almost five to one and the prices of Treasuries strengthened. The price of gold futures fell 1% to $931.00 an ounce. The price of crude oil on the New York Mercantile Exchange fell 3% to $66.73 a barrel. For the week, the Dow lost 1% and the S&P 500 and Nasdaq each lost 2%. It was the third consecutive weekly decline for the major indexes.

In Other Business News

- Non-farm payrolls declined by 467,000 jobs in June, according to the Labor Department. Economists were anticipating a smaller decline of about 363,000 jobs. The unemployment rate, meanwhile, increased from 9.4% in May to 9.5% in June, its highest level in 26 years.

- Orders to factories increased by 1.2% in May, the biggest jump in almost a year, according to the Commerce Department. It was the second monthly increase. Orders for durable goods rose by 1.8% in spite of a 4.6% decrease in orders for automobiles. The strength of factory orders is one sign that the recession is moderating. The weakness in the jobs report for June is considered to be a "trailing indicator," meaning that the labor market will be one of the last sectors of the economy to revive.

- Johnson & Johnson announced it would acquire an 18% stake in the Irish pharmaceutical company Elan for $1 billion. The buy-in price represents a 33% premium over the closing price of Elan's shares on Wednesday. Today, Elan's shares (ELN) gained 8%.

- Exelon, the big power company located in Chicago, raised its bid to acquire NRG of Princeton, NJ to $8 billion in an all stock transaction. If the acquisition succeeds, the combined companies would be the nation's largest power generator. NRG issued a statement urging its shareholders not to act on the offer: "NRG's board of directors will carefully review Exelon's revised proposal with its advisors and determine the appropriate response promptly," NRG said. The price of NRG shares (NRG) fell 4% in today's session, as Wall Street appeared disappointed with Exelon's offer.

- Lear, the auto parts manufacturer, announced it would soon file for Chapter 11 bankruptcy and that it has lined up financing to enable the company to continue operations while in Chapter 11. The trading in the stock (LEA) was halted.

*****

Are we seeing the end of America's love affair with the automobile? Some people think so. High gasoline prices, environmental concerns, and the recession have resulted in one of the biggest declines in driving on record. According to the Federal Highway Administration, the total number of miles driven peaked in November 2007 and total miles driven in the past 12 months fell by 4% – or 123 billion miles – compared with the previous 12 months. (The previous biggest decline was a 3% drop following the Iranian revolution, which led to a spike in gasoline prices in the early 1980s.)

Moreover, sales of automobiles have plummeted – sending two major car manufacturers into bankruptcy. And virtually all of the world's car makers are pledging to make smaller, lighter, and more fuel-efficient vehicles going forward. Now, I understand that Prius owners are a devoted lot, but it often appears that their passion is not so much for the vehicle as for what it does not do, i.e. pollute. Is that the basis of a long-term love affair? I don't think so. Americans fell in love with roadsters, fins, muscle cars, SUVs and Hummers to name a few. Quiet little fuel-sipping mice don't impress me as the logical next step in a love affair. So, maybe it's over. Maybe it's time.

But here is my question: What will replace the automobile in the hearts of Americans? Our passion hasn't diminished, just the object of our passion. So, what's next? Here are some candidates:

1. Lawn mowers. This is a dark horse candidate, obviously, because it's been around for a while. But the mower has never been gussied up the way an object of passion should be. What if we add global positioning and a DVD player, plus a tray for hotdogs and a cup holder for beer…er, soda. (Nah, probably not.)

2. PDAs. Palms, iPhones, and the like may already be front-runners for our passions, but they have one major drawback: They don't show off well in the driveway. Maybe PDA makers should sell window decals that go right next to the "Baby on Board" decals that read "iPhone on Board."

3. Gas grills. This is already a big prestige item, but what would the Hummer of grills look like? The starship Enterprise on the patio? I like it.

4. Housecleaning robots. Roombas with bells and whistles have potential. If they could mix and serve martinis, deliver sports scores, and tell jokes while they're cleaning the carpets, their appeal would go up substantially.

5. Personal submarines. These are already on the market, of course, but they're way too pricey. What we need is an entrepreneurial genius to create a submersible for every family – the Model T of submarines. Henry Nemo?

6. Windmills. "Mine's taller than yours."

7. Windmill transformers (but the friendly kind). Now we're talking about a serious attraction.

Have a great holiday. Drive carefully if you must drive. Say a prayer for our troops. And think about what our independence means to you: We've had independence for so long it's easy to take it for granted.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 116817

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