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Home / Business / Wall Street Fails on Fifth Employment Data on Fifth Day, Worries about Global Growth By Reuters

Wall Street Fails on Fifth Employment Data on Fifth Day, Worries about Global Growth By Reuters




© Reuters. Traders work on the New York Stock Exchange (NYSE) floor in New York

By Medha Singh and Amy Caren Daniel

(Reuters) – US stocks traded losses on Friday on their fifth day after weak US equities February employment data added concern over the slowdown in global growth triggered by a sharp decline in Chinese exports and a continued slowdown in the euro area.

The US economy created just 20,000 new jobs in February, compared with the expectation that the number of non-agricultural people would increase by 1

80,000. The data overshadowed that the unemployment rate fell below 4% and the best annual wage growth since 2009 decreased.

"The broad sale is based on the very unexpected employment numbers that were much lower than what people had predicted," said Tom Plumb. Chief Investment Officer at Plumb Funds in Madison, Wisconsin.

"They are beginning to recognize the reasons why the Federal Reserve will not be tightening, at least in the first half of this year, because they will see some signs of slowing."

The Dow Jones Traded closely by investors to assess the health of the economy, the Transportation Index fell 1.60 percent, declining over the past eleven sessions.

Worries over global growth accelerating After that, China's exports, the world's second-largest economy, plummeted the most in three years in February, triggering the discussion of a "recession in trade".

This follows immediately after the European Central Bank cuts growth forecasts and introduces a new stimulus round.

The technology sector fell 0.88 percent and was the largest resistance, while Facebook Inc [NASDAQ]Amazon.com Inc. (NASDAQ :), Apple Inc. (NASDAQ :), Netflix Inc. (NASDAQ 🙂 fell between 0.7 percent and 2.5 percent.

The sector came under pressure after Democratic Senator Elizabeth Warren said so. Elected president, she would try to break up Amazon, Alphabet (NASDAQ 🙂 Inc.'s Google and Facebook.

The three major indices were the lowest since February 14 and had their heaviest weekly decline in more than two months after the start of the year with a strong note.

ET dropped 191.89 points or 0.75 percent to 25,281.34 at 12:56 ET. The S & P 500 dropped 25.68 points or 0.93 percent to 2,723.25 and the value dropped 66.86 points or 0.90 percent to 7,354.61.

The energy sector lost 2.44 percent as the oil price fell 2 percent and the Norwegian trillion dollar state The Wealth Fund said it would remove oil and gas companies from its benchmark index and investment universe.

ExxonMobil (NYSE 🙂 oil companies fell 2 percent and Chevron Corp. (NYSE) fell 1 percent. 19659004] Costco Wholesale Corp. (NASDAQ) rose 4.56 percent, mostly in the S & P segment, after a quarterly profit for the warehouse operator was inferior to a pressure on margins.

With decreasing spending, the 2.28-to-1 ratio was less than ever before for NYSE and for a ratio of 1.73 to 1 for the Nasdaq.

The S & P index recorded five new highs of 52 weeks and five new lows, while the Nasdaq hit 21 new highs and 46 new lows.


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