U.S. stocks fall in tech-led selloff; Dow down 0.96%, Nasdaq down 2.60%


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Investing.com -

Investing.com - U.S. stocks shrugged off a lukewarm jobs report and plunged on Friday after investors ditched technology stocks in a heavy profit-taking session.

At the close of U.S. trading, the Dow 30 ended the session down 0.96%, the S&P 500 fell 1.25%, while the Nasdaq plunged 2.60%.

A correction in the technology sector sent broader stocks plunging on Friday, as investors jumped to the sidelines to await earnings releases next week.

Google Inc (NASDAQ:GOOG) shares fell 4.6%, while Facebook Inc (NASDAQ:FB) ended down 4.6% as well. Yahoo! Inc (NASDAQ:YHOO), meanwhile, slid 4.2%.

Elsewhere, the Department of Labor reported that the U.S. economy added 192,000 jobs in March, missing expectations for a 200,000 increase. February's figure was revised up to 197,000 from 175,000, while January's figure rose to 144,000 from 129,000.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month compared to expectations for a 6.6% reading.

Investors viewed the data as not-too-hot, not-too-cold, and focused more on the selloff in the technology sector, which has boomed in recent years.

Leading Dow Jones Industrial Average performers included Coca-Cola Enterprises Inc (NYSE:CCE), up 0.41%, McDonald's Corporation (NYSE:MCD), up 0.24%, and The Travelers Companies Inc (NYSE:TRV), up 0.24%.

The Dow Jones Industrial Average's worst performers included Visa Inc (NYSE:V), down 3.22%, Microsoft Corporation (NASDAQ:MSFT), down 2.77%, and American Express Company (NYSE:AXP), down 1.99%.

European indices, meanwhile, finished higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.64%, France's CAC 40 rose 0.79%, while Germany's DAX rose 0.70%. Meanwhile, in the U.K. the FTSE 100 rose 0.70%.

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This article appears in: Investing Forex and Currencies
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