Local market gained in morning as downward revisions and the unexpected increase in the unemployment rate combined with a slowdown in the annual rate of wage growth has added to optimism the Federal Reserve will begin lowering interest rates in June.
At closing bell, the Dow Jones Industrial Average index declined by 68.66 points, or 0.18%, to 38,722.69. The S&P500 index dropped 33.67 points, or 0.65%, to 5,123.69. The tech-heavy Nasdaq Composite index was down 188.26 points, or 1.16%, to 16,085.11. For the week, the Dow fell 0.9%, the S&P 500 slipped 0.3% and the technology-heavy Nasdaq dropped 1.2%.
Total 6 of the 11 major S&P 500 sectors declined, with information technology and consumer staples sectors being bottom performers, falling 1.84% and 0.83%, respectively, while real estate sector was top performer, rising 1.13%.
Among economic data, the Labor Department said non-farm payroll employment surged by 275,000 jobs in February. However, the report said job growth in December and January was downwardly revised to 290,000 and 229,000 jobs, respectively, reflecting a net downward revision of 167,000 jobs. The Labor Department also said the unemployment rate rose to 3.9% in February from 3.7% in January.
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