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US: Stocks end strong weak on lackluster note

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The broad-based S&P 500 slid 0.5 per cent to close at 3,327.71, while the tech-rich Nasdaq Composite Index also shed 0.5 per cent to 9,520.51.

The pullback came after the Labor Department reported the US economy added 225,000 new non-farm jobs last month, far surpassing expectations, although unemployment edged up by a tenth to 3.6 per cent. Among individual companies, Uber Technologies surged 9.5 per cent as it moved up the target date for becoming profitable to the fourth quarter of 2020, rather than in 2021.

FedEx jumped 4.7 per cent after the company announced plans to bolster its delivery services to meet rising ecommerce demand. FedEx will begin rolling out new services in Greensboro, North Carolina in March and add other markets throughout the remainder of the year. Ford dropped 1.7 per cent as it promoted Jim Farley to chief operating officer and announced the carmaker's automotive President Joe Hinrichs will retire. Shares have been under pressure following a disappointing 2020 outlook released earlier this week.

 

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