NEW YORK: Wall Street stocks retreated from records and lost ground on Friday after a better-than-expected US jobs report was seen as lessening the chances of a hoped-for Federal Reserve interest rate cut.
The broad-based S&P 500 also shed 5.41 points to finish at 2,990.41, while the tech-rich Nasdaq Composite Index slipped 8.44 points at 8,161.79. Gorilla Trades strategist Ken Berman said Friday's US jobs data had weakened that argument, especially compared with poor German economic data."Since German factory orders were nothing short of disastrous, the divergence between the domestic economy and the rest of the world is well and alive," Berman said in a note.
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Source: BusinessTimes - 🏆 15. / 51 Read more »