Wall Street stocks sag after jobs report
American stocks dropped at the open Friday due to official data unveiled American economy gained fewer jobs than previously planned in January. However, other details of the report were quite upbeat.
The Dow Jones Industrial Average sagged to 16,300.57 – a 114.90 points loss. It has been on track for its weekly 1.1% decrease. The S&P 500 lost 18.4 points, dropping to 1,896. Information technology stocks brought the index lower, followed by energy as well as consumer discretionary stocks. Moreover, the index was also put on track for its weekly drop of 2.3%. The Nasdaq Composite lost76.4 points, decreasing to 4,433.59 and it was another track for a 3.9% weekly decline.
As the Labor Department states, American economy acquired only 151,000 jobs in January, a very moderate result, to put it mildly, especially considering to the forecast of 151,000 jobs provided by MarketWatch.
In spite of the headline number, which came in short of expectations, some analysts noted that it was hardly a catastrophe as American economy demonstrated the similar levels of growth in September and August. In general, the report wouldn’t have much of an impact on the Fed’s decision regarding whether to increase interest rates or not in March.