U.S. stocks close mixed after jobs report

NEW YORK, Aug. 5 (Xinhua) -- U.S. stocks ended mixed on Friday as Wall Street assessed the latest data on the U.S. labor market.

The Dow Jones Industrial Average increased 76.65 points, or 0.23 percent, to 32,803.47. The S&P 500 fell 6.75 points, or 0.16 percent, to 4,145.19. The Nasdaq Composite Index decreased 63.03 points, or 0.50 percent, to 12,657.55.

Six of the 11 primary S&P 500 sectors ended in red, with consumer discretionary and communication services down 1.66 percent and 0.88 percent, respectively, leading the laggards. Energy rose 2.04 percent, the best-performing group.

The U.S. Labor Department reported Friday that U.S. employers added 528,000 new jobs in July, exceeding expectations. The unemployment rate edged down to 3.5 percent, lower than economists' estimate of 3.6 percent.

The report ignited worries about more aggressive rate hikes from the Fed.

"From a monetary policy perspective, strong job growth on top of too-high inflation is plenty of reason to keep tightening policy," Chris Low, chief economist at FHN Financial, said Friday in a note.

For the week, the Dow lost 0.1 percent, while the S&P 500 and the tech-heavy Nasdaq rose 0.4 percent and 2.2 percent, respectively.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

New UK coins featuring image of King Charles revealed
Explainer-How the U.S. could tighten sanctions on Russia over Ukraine
Chinese car brand to enter Israeli market
Canadian carrier WestJet orders up to 64 Boeing 737-10s
U.S. lawmakers promise more money, weapons as Ukraine faces 'Hurricane Putin'
Weekly storage of natural gas in U.S. increases: EIA
Venezuela calls on UNESCO to protect cultural rights against sanctions
Putin signs decrees paving way for annexation of two Ukraine regions
Zelenskiy urges minorities in Russia to resist Kremlin mobilisation
S&P 500 ends at 2022 low as Wall Street sell-off resumes

Others Also Read