Stocks lower following jobs report
The stock market recorded losses Friday, as traders reacted to the latest jobs report. While the latest report provided another positive view on the state of the U.S. economy, bond yields climbed even higher in the aftermath of the economic data.
The Dow Jones Industrial Average slipped 180.43 points, or 0.68 percent, to 26,447.05. The S&P 500 was down 16.04 points, about 0.5 percent, at 2,885.57. The Nasdaq Composite dropped 91.06 points, or 1.16 percent, to 7,788.45.
The Dow's fall to session lows in afternoon trading coincided with the yield on the 10-year Treasury hitting a 7-year high.
U.S. employers added a lower-than-expected number of jobs in September, but the unemployment rate fell to 3.7 percent, its lowest since 1969. Economists expected the U.S. economy would add 185,000 jobs in September with the unemployment rate ticking down to 3.8 percent.
Economists noted that the lower number could have been a result of Hurricane Florence, while the Labor Department upwardly revised August’s number.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Another solid jobs report; not too hot and not too cold,” Kate Warne, investment strategist at Edward Jones, told FOX Business.
Warne is not concerned about the lower-than-expected number of jobs created in September, noting revisions within the past two months, which in total put the number of jobs created in line with expectations.
Commodities were mostly higher.
FOX Business’ Ken Martin contributed to this article.