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