Markets

ETFs Drift Lower After Jobs Report

ETFs are flat on Friday after the government reported the addition of 192,000 jobs in February and a decline in the unemployment rate to 8.9%, an almost two-year low.

  • Employers hired more workers in February than in any month since May last year and the unemployment rate fell to a near two-year low, the strongest sign yet the recovery has become self-sustaining. Nonfarm payrolls increased 192,000, TMF)is down more than 1% this morning.
  • Businesses ordered more manufactured goods from U.S. factories in January, but excluding a big surge in demand for airplanes, the rise in demand was the smallest in three months. XLI) is flat in early trading.
  • Oil futures rose Friday amid ongoing worries that turmoil in Libya could disrupt supplies, with prices resuming an upward trend seen for most of the week and cementing gains atop the $100-a-barrel level. Oil held gains of more than 1% after UCO) surged 3.5% early Friday.
  • Asian stock markets posted solid gains Friday, cheering an overnight charge on Wall Street, and on optimism over U.S. jobs data due later in the day, though concerns over high crude-oil prices remained firmly in place. South Korean stocks added to Thursday's significant gains as foreign investors remained buyers, with gains led by construction shares, which had posted heavy losses in the wake of the Libyan turmoil. Chinese banks were mostly higher on expectations they will report strong full-year 2010 earnings. The iShares S&P Asia 50 Index (NYSEArca: AIA) is up slightly in early trading.

Gregory A. Clay contributed to this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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