Stocks Fall Sharply Despite Strong Jobs Report
Stocks fell sharply in trading today, with all three major indexes finishing the day near session lows, as initial enthusiasm over better than expected nonfarm payrolls data for October faded.
The Dow Jones ended the day 1.05% lower at 13,093.16, the S&P 500 ended the day 0.94% lower at 1,414.20, and the Nasdaq ended the day 1.26% lower at 2,982.13.
All three major indexes had risen earlier today, extending their gains from Thursday, as investors cheered strong nonfarm payrolls data. According to figures released by the Labor Department, the U.S. economy added 171,000 jobs last month, beating consensus forecast of a gain of 125,000 jobs. October’s nonfarm payrolls data is the last before the U.S. Presidential elections.
Despite making a strong start, stocks slipped in mid-day trading and continued to slide, finishing the day near session lows.
All sectors in the S&P 500 fell sharply today. Basic Materials were the worst performers, ending the day 1.49% lower. Technology sector also fell sharply, ending the day 1.40% lower. Industrials ended the day 1.14% lower, while Energy sector ended the day 1.07% lower. Financials ended the day 0.80% lower.
Among the major gainers and losers in trading today were Apple Inc. (NASDAQ: AAPL), which ended the day 3.31% lower at $576.80, Starbucks Corporation (NASDAQ: SBUX), which ended the day 9.05% higher at $50.84, Chevron Corp. (NYSE: CVX), which ended the day 2.77% lower at $108.37, Priceline.com Inc. (NASDAQ: PCLN), which ended the day 8.30% higher at $634.74, and Yelp Inc. (NYSE: YELP), which ended the day 14.65% lower at $20.51.
European markets ended mostly higher earlier today, with the FTSE 100 Index in London closing 0.11% higher, and the CAC 40 Index in Paris closing 0.49% higher. Asian markets also finished higher overnight, with the Nikkei 225 Index in Japan closing 1.17% higher, and the Hang Seng Index in Hong Kong closing 1.33% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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