The DJIA fell steadily throughout the day, but the tech-rich Nasdaq fared the worst
The
Dow Jones Industrial Average (DJIA) fell steadily throughout the day, as Wall Street weighed the economic and rate-hike implications of
January's jobs data. Traders also watched choppy price action in crude oil futures, on top of
a round of weak earnings -- particularly out of the tech sector. In fact, the tech-rich
Nasdaq Composite (COMP) suffered the most, marking its lowest settlement since October 2014.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,204.83) lost 211.8 points, or 1.3%, with athletic retailer Nike Inc (NYSE:NKE) once again leading the laggards with a 5% slide. Pharmaceutical concern Merck & Co, Inc. (NYSE:MRK) paced the nine advancing blue chips, gaining 1.6%. For the week, the DJIA dropped 1.6%.
The S&P 500 Index (SPX - 1,880.02) once again gave up the round 1,900 level, falling 35.4 points, or 1.9%, and posting a weekly loss of 3.1%. The Nasdaq Composite (COMP - 4,363.14) dropped 146.4 points, or 3.3%, on big losses in the tech sector, bringing its weekly loss to 5.5%.
The CBOE Volatility Index (VIX - 23.38) climbed 1.5 points, or 7.1%, as the market slumped, ending the week 15.7% higher.
5 Items on Our Radar Today:
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Today's nonfarm payrolls report showed
151,000 new jobs created in January -- notably lower than the 180,000 economists has predicted. Still, the overall unemployment rate fell to 4.9%, marking an eight-year low, and wage growth jumped 0.5%. Many expect this bright spot to increase chances of a rate hike from the Fed in the near future. (
MarketWatch)
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Why these 2 cybersecurity stocks got crushed.
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Option bears flocked to troubled Tesla Motors Inc (NASDAQ:TLSA).
Data courtesy of Trade-Alert
Commodities:
As the dollar picked up steam, March crude oil finished with a loss of 83 cents, or 2.6%, at $30.89 a barrel, even as the number of active U.S. rigs dropped last week. For the week, crude fell 8.2%. Meanwhile, gasoline futures settled below $1 a gallon for the first time since 2008.
Despite growing expectations for a rate hike, as well as a strengthening dollar, April-dated gold eked out a gain of 20 cents to close at $1,157.70 an ounce. Gold climbed 3.7% over the course of the week -- the best week since August.