The US equity markets ended sharply lower on Friday on the back of disappointing jobs report, which renewed fears of recession.
The Dow Jones Industrial Average fell 253.31 points or 2.20%, to close at 11,240.26 led by fall in all 30 stocks. The Nasdaq Composite dropped 65.71 points or 2.58%, to end at 2,480.33 and the Standard & Poor's 500 Index lost 30.45 points or 2.53%, to close at 1,173.97.
The fall was led by sell-off in financial stocks. Bank of America tumbled 8.3% yesterday; it crashed more than 45% in 2011. JP Morgan Chase and Goldman Sachs lost 4.6% each.
Hewlett-Packard plunged over 5%; in this year - it lost over 40%.
The unemployment rate was remained at 9.1%. The disappointing August non-farm payrolls report was bad for the first time since September 2010.
The US Labor Department said employers added no new jobs in August, compared with a downwardly revised increase of 85,000 jobs in July. Analysts polled by Reuters had predicted non-farm payrolls to grow by 75,000.
"There are a lot of confidence issues in the marketplace, the jobs number only made things worse," said Sal Arnuk, co-manager of trading at Themis Trading in Chatham, New Jersey.
Recession fears pushed gold futures up nearly USD 50, to around USD 1,874 an ounce on Friday. However, crude-oil futures slid USD 2.90 to USD 86.03 a barrel on the NYMEX.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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