U.S. stocks booked losses on Friday as fears around the coronavirus impact on U.S. multinationals and the global economy offset better-than expected job gains in the January employment report, but held on to weekly gains.
The S&P 500 fell 0.5% to end around 3,328. The Dow Jones Industrial Average dropped 277 points, or 0.9%, to end around 29,103, based on preliminary numbers. The Nasdaq Composite retreated 0.5% to finish near 9,521. For the week, the S&P rose 3.2%, the Dow climbed 3%, and the Nasdaq booked a 4% gain. Last month's employment report showed the U.S. economy added 225,000 jobs in January, well above analysts' forecast for a 164,000 gain.
The unemployment rate also edged up by a tenth of a percentage point to 3.6%. Risk assets sagged following reports by companies of the disruption to supply chains and sales from the coronavirus outbreak in China. In company news, U.S.-listed shares of Canada Goose Holdings Inc. swung lower after it said the coronavirus has had a "material negative impact."
Source : Marketwatch