BUSINESS US stocks open lower despite solid data

BUSINESS

US stocks open lower despite solid data

Xinhua

00:38, February 08, 2020

NEW YORK, Feb. 7 (Xinhua) -- U.S. stocks opened lower on Friday despite solid jobs data.

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Traders work during the opening bell at the New York Stock Exchange (NYSE). (File photo: AFP)

Shortly after the opening bell, the Dow Jones Industrial Average erased 132.95 points, or 045 percent, to 29,246.82. The S&P 500 decreased 12.38 points, or 0.37 percent, to 3,333.40. The Nasdaq Composite Index declined 46.93 points, or 0.49 percent, to 9,525.22.

Most of the 30 Dow component companies traded in red territory, with Dow and Caterpillar being the top two laggards and declining 2.56 percent and 1.78 percent respectively.

Nine of 11 primary S&P 500 sectors traded lower, with materials and energy shedding 1.16 percent and 0.71 percent respectively.

On data front, U.S. total nonfarm payroll employment rose by 225,000 in January, and the unemployment rate was little changed at 3.6 percent, the U.S. Labor Department said on Friday.

Notable job gains occurred in construction, in health care, and in transportation and warehousing, the department said.

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