After a week of record highs, stocks closed down on the last trading day of the week. The Dow dropped more than 250 points and the S&P 500 was down 0.5%.
A Chinese man wears a protective mask as he walks during a snowfall in an empty and shuttered commercial street on February 5, 2020 in Beijing, China.Haibin Zhu, a China equity strategist at JPMorgan, also cut his China GDP growth estimate to 1% for the first quarter.
Caterpillar and Boeing — two bellwether stocks for the global economy — fell 2.8% and 1.6%, respectively. Disney and Goldman Sachs also dropped more than 1% each to pressure the Dow. Materials, tech and health care led the S&P 500 500 lower as each sector declined by at least 0.9%. "The biggest takeaway for investors is there are no monetary policy implications in this jobs report," said Jason Thomas, chief economist at AssetMark. "We're generating enough jobs to keep consumer confidence high and enough wage growth to bring in people from the sidelines."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow drops 250 points on concern coronavirus will dramatically slow China's economyStocks fell as worries over the coronavirus' impact persisted and overshadowed the release of stronger-than-expected U.S. jobs data.
Read more »
Stock market live updates: Dow futures up 100, Twitter soars, Coronavirus names reboundNew for subscribers: Stock market live updates: Dow futures up 100, Twitter soars, Coronavirus names rebound Check out CNBCPro and get your first 30 days free.
Read more »
What to watch today: Dow set to fall, Democrats debate and another possible streaming serviceU.S. stock futures point to a lower Wall Street open, after an extremely bullish first four days of the trading week.
Read more »
Dow futures pull back after indexes post trio of records ahead of Friday jobs reportU.S. stocks on Friday are indicated modestly lower after all three benchmarks finished at all-time highs, with investors awaiting an important report on employment in January, digesting a hectic week of earnings and contending with China’s efforts to contain a fast-moving virus.
Read more »
Stock market live updates: Dow hits record, Twitter soars, Tesla recoversLive updates of what's moving the market, including the latest on the coronavirus, Tesla and Twitter.
Read more »
Astronaut Christina Koch just broke the world record for the longest time spent in space by a woman. Here are 4 breathtaking photos of Earth she captured from 250 miles above the planet.The world record-breaking astronaut took these photos of Earth from 250 miles above the planet's surface.
Read more »