NEW YORK, United States —
Wall Street stocks finished
a losing week on a feeble note Friday, falling for the third straight session
following disappointing job growth in December.
اضافة اعلان
The much-anticipated December jobs report said the
US economy added only 199,000 positions last month, less than half of analysts
estimates and a worrisome data point given the latest COVID-19 wave in the US.
But the lackluster number of new jobs created was offset
somewhat by a bigger-than-expected drop in the unemployment rate to 3.9 percent.
Wage growth was strong, also indicative of a tight labor market.
All three major indices fell, with the S&P 500 ending at
4,677.03, down 0.4 percent for the day and 1.9 percent for the week.
The Dow Jones Industrial Average ended essentially flat at
36,231.66, while the tech-rich Nasdaq Composite Index dropped 1.0 percent to
14,935.90.
Stocks were already in the red for the week prior to the
report following Federal Reserve minutes released Wednesday that suggested the
central bank favored a more aggressive approach to monetary tightening than
previously thought.
The 10-year US Treasury note, a proxy for concerns about
interest rates, rose further on Friday, up to almost 1.8 percent.
"The central bank is clearly shifting its focus to
inflation and today's report provides more ammunition to those who want not
just to accelerate the tapering, but also start raising rates and reducing the
Fed's balance sheet," said economist Joel Naroff.
"Yes, interest costs will rise, but the current rates
are so low that the increases should not have a major impact on overall
economic growth."
Read more Business
.jpg)
.jpg)
