US close: Stocks round off tough week with loss after jobs data
- US non-farm payrolls miss forecasts slightly
- Dow records worst weekly loss since January
- Argentina, Portugal and Gaza concerns dampen sentiment
Dow Jones: -0.42%
Nasdaq: -0.38%
S&P 500: -0.29%
US stock markets finished firmly in the red on Friday after a choppy session, as investors reacted to the all-important monthly jobs report and weighed global geopolitical and economic uncertainty.
The Dow Jones Industrial Average finished down 70 points, or 0.42%, at 16,493, extending losses after dropping 317 points on Thursday - its worst single-day performance since early February.
As such, the Dow finished the week down 2.8%, marking its biggest weekly loss since January.
The Nasdaq fell 0.38% to end to the week at 4,353 while the S&P 500 dropped 0.29% to 1,925.
Stocks had dropped sharply the previous session on the back of a combination of factors, including a debt default in Argentina, capital fears surrounding Portuguese lender Banco Espirito Santo, and speculation about a sooner-than-expected rate hike by the Federal Reserve.
In other news, Israel said it was resuming military operations today, claiming that Hamas broke the planned ceasefire within hours of it being agreed. More than 50 Palestinians were reported as killed during Friday's attacks in Gaza.
Jobs data misses, but not by much
The Department of Labor reported that the US economy added 209,000 non-farm payrolls in July, below the consensus estimate of 230,000. However, the previous two month's readings - which had both beaten estimates - were revised higher by a combined 15,000.
The jobless rate unexpectedly rose from 6.1% to 6.2% as the labour force participation rate ticked up.
Jasper Lawler, market analyst at CMC Markets UK, said that while the headline figures came in shy of forecasts "they weren't disastrous misses".
He said: "There is still mounting pressure on the Fed to raise rates as the US economy heats up and stock markets are acclimatising to that idea."
Meanwhile, the final reading of the July University of Michigan consumer confidence index was revised lower to 81.8. This followed a preliminary estimate of 82 and a final June reading of 82.5, though came in slightly ahead of the 81.4 figure analysts were expecting.
Linkedin, P&G, Yelp
Career-focused social network Linkedin was a standout performer, rising 12% after impressing investors with stronger-than-expected quarterly results. The company reported adjusted earnings per share of 51 cents, up from 38 cents the year before and well ahead of the 39 cents estimate.
Consumer goods giant Procter & Gamble gained after beating quarterly forecasts and unveiling plans to exit some of its smaller brands.
Shares of online reviewing group Yelp dropped despite reporting its first quarterly profit since its flotation, as investors focused on a slowdown in local-based advertiser growth.
S&P 500 - Risers
Expedia Inc. (EXPE) $84.46 +3.40%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $79.29 +3.19%
Procter & Gamble Co. (PG) $79.65 +3.01%
Kellogg Co. (K) $61.44 +2.69%
Clorox Co. (CLX) $89.20 +2.68%
Walgreen Co. (WAG) $70.53 +2.56%
Regeneron Pharmaceuticals Inc. (REGN) $324.31 +2.56%
Carmax Inc. (KMX) $49.96 +2.36%
L-3 Communications Holdings Inc. (LLL) $107.41 +2.33%
Microchip Technology Inc. (MCHP) $46.04 +2.27%
S&P 500 - Fallers
First Solar Inc. (FSLR) $62.05 -5.38%
E*TRADE Financial Corp. (ETFC) $20.75 -4.33%
FLIR Systems Inc. (FLIR) $32.99 -4.22%
Western Union Co. (WU) $16.78 -3.95%
Fifth Third Bancorp (FITB) $20.00 -3.80%
Google Inc. (GOOGL) $573.60 -3.67%
PerkinElmer Inc. (PKI) $44.54 -3.63%
Google Inc. Class C (GOOG) $566.07 -3.63%
Goodyear Tire & Rubber Co. (GT) $24.58 -3.42%
Intuit Inc. (INTU) $80.56 -3.28%
Dow Jones I.A - Risers
Procter & Gamble Co. (PG) $79.65 +3.01%
General Electric Co. (GE) $25.35 +0.80%
Pfizer Inc. (PFE) $28.86 +0.56%
Unitedhealth Group Inc. (UNH) $81.49 +0.54%
Visa Inc. (V) $211.81 +0.38%
Merck & Co. Inc. (MRK) $56.80 +0.11%
Travelers Company Inc. (TRV) $89.61 +0.06%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $56.48 -2.06%
Intel Corp. (INTC) $33.74 -1.76%
American Express Co. (AXP) $86.47 -1.74%
Goldman Sachs Group Inc. (GS) $170.25 -1.52%
Home Depot Inc. (HD) $79.75 -1.36%
International Business Machines Corp. (IBM) $189.15 -1.31%
Verizon Communications Inc. (VZ) $49.83 -1.17%
Chevron Corp. (CVX) $127.90 -1.04%
Cisco Systems Inc. (CSCO) $25.00 -0.91%
AT&T Inc. (T) $35.33 -0.73%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $233.27 +4.46%
Expedia Inc. (EXPE) $84.46 +3.40%
Regeneron Pharmaceuticals Inc. (REGN) $324.31 +2.56%
Kraft Foods Group, Inc. (KRFT) $54.72 +2.12%
Monster Beverage Corp (MNST) $65.21 +1.95%
Maxim Integrated Products Inc. (MXIM) $29.85 +1.84%
Micron Technology Inc. (MU) $31.09 +1.77%
Avago Technologies Ltd. (AVGO) $70.44 +1.53%
Sandisk Corp. (SNDK) $92.76 +1.14%
Nvidia Corp. (NVDA) $17.69 +1.09%
Nasdaq 100 - Fallers
Google Inc. (GOOGL) $573.60 -3.67%
Google Inc. Class C (GOOG) $566.07 -3.63%
Intuit Inc. (INTU) $80.56 -3.28%
Akamai Technologies Inc. (AKAM) $57.09 -3.27%
Facebook Inc. (FB) $72.37 -3.09%
F5 Networks Inc. (FFIV) $112.22 -2.98%
Intuitive Surgical Inc. (ISRG) $453.07 -2.98%
Bed Bath & Beyond Inc. (BBBY) $61.61 -2.65%
Illumina Inc. (ILMN) $160.87 -2.53%
Gilead Sciences Inc. (GILD) $91.50 -2.44%
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