US stocks open lower after weak jobs data

The broad-based S&P 500 declined 0.8 per cent to 2,727.45, while the tech-rich Nasdaq Composite Index tumbled 1.0 per cent to 7,348.59. ― Reuters pic
The broad-based S&P 500 declined 0.8 per cent to 2,727.45, while the tech-rich Nasdaq Composite Index tumbled 1.0 per cent to 7,348.59. ― Reuters pic

NEW YORK, March 8 ― stocks opened solidly lower today following a dismal employment report showing the US added just 20,000 jobs last month.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 25,303.73, a drop of 0.7 per cent from yesterday’s close.

The broad-based S&P 500 declined 0.8 per cent to 2,727.45, while the tech-rich Nasdaq Composite Index tumbled 1.0 per cent to 7,348.59.

The early losses put the market on track for its fifth straight day of declines. 



The headline jobs number fell far below the 173,000 seen by analysts and reflected job cuts in the construction, retail and transportation sectors.

Still, analysts are unlikely to give too much weight to a single month’s data. FTN Financial’s Chris Low noted that even with the February figures, the three-month average was 186,000 jobs added per month.

The labor data follow other recent signs of slowing, including Thursday’s sharply lower growth outlook by the European that prompted new stimulus measures.

Analysts also cited comments from US ambassador to Terry Barnstad that a US- trade deal still was not imminent as a factor in Friday’s tepid trading. 

Some market watchers have also been predicting a pullback after the market surged about 20 per cent between late December and late February.― AFP

Source: The Malay Mail Online





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