6 Mar 2015
US stocks fall sharply after strong nonfarm payrolls
FXStreet (Córdoba) - Wall Street indexes closed sharply lower on Friday and posted their second weekly loss in a row as strong nonfarm payrolls fueled speculation the Fed could start hiking rates sooner than expected, which boosted the dollar and Treasury yields and weighed on stocks.
Nonfarm payrolls report showed the US economy added 295,000 new jobs in February, above the 240,000 expected by analysts. The unemployment rate dropped to 5.5% from 5.7% the previous month. However, job creation in the prior 2 months was revised down by a net 18,000 jobs.
The Dow Jones Industrial Average fell 1.5% and closed at 18,056. Meanwhile the S&P 500 dropped 1.4% and finished at 2,071, posting its steepest fall in 2 months, while the Nasdaq shed 1.1% and finished at 4,927. The three major indexes posted weekly losses for 1.5%, 1.6% and 0.7% respectively.
Nonfarm payrolls report showed the US economy added 295,000 new jobs in February, above the 240,000 expected by analysts. The unemployment rate dropped to 5.5% from 5.7% the previous month. However, job creation in the prior 2 months was revised down by a net 18,000 jobs.
The Dow Jones Industrial Average fell 1.5% and closed at 18,056. Meanwhile the S&P 500 dropped 1.4% and finished at 2,071, posting its steepest fall in 2 months, while the Nasdaq shed 1.1% and finished at 4,927. The three major indexes posted weekly losses for 1.5%, 1.6% and 0.7% respectively.