The Dow Jones Industrial Average closed lower on Friday (Dec 3), pressured by lower-than-expected non-farm payrolls. which indicates US labor market still not recovering from impact of COVID-19 that continues to spread
- The Dow Jones Industrial Average closed at 34,580.08, down 59.71, or -0.17%.
- The S&P 500 index closed at 4,538.43, down 38.67, or -0.84%.
- The Nasdaq index closed at 15,085.47, down 295.85, or -1.92%.
in this week The Dow was down 0.92% for the fourth week in a row, the S&P500 was down 1.2 percent for the second week in a row, and the Nasdaq was down 2.62% for the second week in a row.
The US Department of Labor said Non-agricultural employment numbers Only 210,000 jobs added in November Below analysts’ forecasts of 581,000 jobs and the unemployment rate. It dropped to 4.2%, below analysts’ expectations of 4.5%.
The market is still under pressure because investors expect The US Federal Reserve (Fed) will accelerate the withdrawal of measures to support the economy. Although the numbers of US jobs in November came out lower than expected. And investors are still worried about the uncertainty caused by the COVID-19 virus. Omicron species as well
The New York Stock Exchange was stagnant for most of the day after the market opened. And the rising volatility index indicates investor anxiety by the CBOE Market Volatility Index, a measure of investor anxiety on Wall Street. It rose above 35 in Friday afternoon trading for the first time since late January. and closed up 9.7 points to 30.67
Investors are worried that The Fed will speed up interest rate hikes. After Mr. Jerome Powell, President of the US Federal Reserve (Fed) revealed this week that The Fed will consider speeding up its bond-buying program following quantitative easing (QE) measures.
In addition, investors are concerned that The Omicron strain seems to spread faster than the Delta strain. The number of countries reporting on the Omicron virus continued to rise on Friday. But it is unclear as to the severity of the disease. and the effectiveness of existing vaccines against this new virus.
Positives in the S&P 500 were safe-haven stocks, including consumer goods, up 1.4%, utilities up 1% and healthcare, up 0.25%.
The biggest losers were led by luxury, down 1.8 percent, followed by technology, down 1.65 percent.
Big stocks also pulled the market, with Tesla down 6 percent, India down 4 percent, while Apple and Microsoft were down. fell more than 1%
Economic data released on Friday also included financial information services firm IHS Markit, which reported: Purchasing Managers Index (PMI) US Final Services It dropped to 58.0 in November from 58.7 in October.
However, the PMI remained above the 50 level, indicating that The US service sector continues to expand. This was driven by an increase in new orders and employment. while business confidence peaked in five months.
By InfoQuest News Agency (04 Dec. 64)
Tags: Dow Jones, New York Stock Exchange
