U.S. stock indexes finished lower on Friday after an unexpectedly strong surge in January nonfarm payrolls reversed the Wall Street's perception that the end of the Fed's rate increases is near. The Dow Jones Industrial Average DJIA, -0.38% was off 128 points, or 0.4%, to end at 33,925, while the S&P 500 SPX, -1.
04% declined by 1% and the Nasdaq Composite COMP, -1.59% dropped 1.6%. For the week, the S&P 500 booked a weekly gain of 1.6%. The Nasdaq rose 3.3%, booking its fifth consecutive weekly advance and the longest winning streak in over a year, thanks to strong earnings from some major tech companies. The Dow industrials erased its earlier gain and slipped 0.3% this week, according to Dow Jones Market Data.
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Tech stock 'meltup' puts Nasdaq-100 on verge of exiting bear marketThe tech-concentrated Nasdaq-100 knocks on the verge of exiting bear-market territory Thursday. The article calling it a 'melt up', 'herd behaviour', and a 'head fake' is yet another example of Market Watch and other news sources warning investors that this rally cannot last, in their opinion. However, tech investors appear to be looking ahead to anticipated rate declines.
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