The S&P 500 and Nasdaq closed lower after touching record highs during the session, with high-flying chip stocks going into reverse
The S&P 500 and Nasdaq closed lower after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labour market report that showed more new jobs than expected with a rising unemployment rate.
Stocks had opened higher after data showed US job growth accelerated in February, with non-farm payrolls increasing by 275,000 jobs against an expected 200,000 rise. January jobs numbers were revised lower.Also, the unemployment rate rose to 3.9 per cent in February after holding at 3.7 per cent for three straight months, while wage growth slowed to 0.1 per cent on a monthly basis.
“That’s really what the market is hanging its hat on right now, that inflation is going to continue to be benign, that the Fed is going to start to ease.” The Dow Jones Industrial Average fell 68.66 points, or 0.18 per cent, to 38,722.69, the S&P 500 lost 33.67 points, or 0.65 per cent, to 5,123.69 and the Nasdaq Composite lost 188.26 points, or 1.16 per cent, to 16,085.11.
“When you’ve markets which have run up as much as this has since the start of the year, with returns coming in a strong as they have, these types of pullbacks are healthy to see.” Advancing issues outnumbered decliners by a 1.25-to-1 ratio on the NYSE where there were 708 new highs and 48 new lows.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX set to fall as Wall Street stumblesThe S&P 500 and Nasdaq closed lower after touching record highs during the session, with high-flying chip stocks going into reverse
Read more »
ASX set to fall as Wall Street stumblesThe S&P 500 and Nasdaq closed lower after touching record highs during the session, with high-flying chip stocks going into reverse
Read more »
ASX shares: ASX to open lower, but no end to bull runAustralian shares are expected to open weaker on Monday, after finishing at a record last week. The S&P/ASX 200 has broken intraday records six times this year.
Read more »
Jefferies CEO Rich Handler on how to make it on Wall StreetThere are two things you need to know about Jefferies chief executive Rich Handler. The first is that he is rich. The second is that he has no handler.
Read more »
Wall Street: Nvidia plummets to levels not seen since earlier this weekHow the $US200 billion intraday tumble in market value is met could prove key as to how fast a pullback in US equities is approaching.
Read more »
Wall Street makes history as S&P 500 tops 5000, but the good news is priced inThe stunning speed with which the S&P 500 has climbed to 5000 points in the face of higher interest rates should give investors a moment of pause.
Read more »