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Wall Street Slips From Record Highs After Jobs Report


Saturday, 8 February 2020 00:24 WIB

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Wall Street pulled back from record levels on Friday, as investors assessed the U.S. employment report that showed jobs growth accelerated in January but included a downward revision to some previous numbers.

Nonfarm payrolls increased by 225,000 jobs last month, the Labor Department's data showed, much higher than 160,000 jobs additions expected by economists polled by Reuters.

However, the economy created 514,000 fewer jobs between April 2018 and March 2019 than originally estimated, suggesting job growth could significantly slowdown this year.

Technology stocks, which outperformed broader markets this week, slipped 0.7%, weighing the most on the S&P 500.

A strong four-day rally this week has put the benchmark index on pace for its best week in eight months as investors took comfort from China's efforts to limit the economic damage from the coronavirus outbreak.

The new infections in mainland China on Thursday were down from Wednesday and Tuesday's figures, but experts warned it was too early to identify a trend.

At 9:48 a.m. ET, the Dow Jones Industrial Average was down 0.58% at 29,208.83. The S&P 500 fell 0.44% to 3,331.09 and the Nasdaq Composite dropped 0.56% to 9,519.02.

Source : Reuters


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