www.TheLFB-Forex.com The Forex Trader Portal
Global Market Wrap:
Major Indices Decline as Unemployment Rises
Equity Futures: Dow -36.00. S&P -5.70. NASDAQ -8.25. Japanese Nikkei -50.00. German Dax -47.00
U.S. stock market declined on Friday, and for the first time since July, has had its second continuous week of losses. The losses began after worse than expected employment reports were released from the United States today. The Dow dropped 21 points and the S&P 500 declined 4 points while the tech heavy Nasdaq shed 9 points or 0.46 percent, the most of the three indices, on Friday.
Most sectors were showing slight declines. The conglomerate sector has fallen the most, by 2.07 percent. Energy and financial shares saw declines of 0.55 and 0.52 percent respectively. General Electric had losses of 3.82 percent while Exxon Mobil dropped 1.03 percent.
Today, the Bureau of Labor Statistics released the monthly employment data from the United States. Job losses climbed to -263,000 which is much more than the expectation of -179,000 during September. This pushes the amount of jobs lost to the highest levels since the early 1980’s. The unemployment rate in the U.S. has climbed 0.1 percent to 9.8 percent for the month, in line with analysts’ expectations.
The Dow Jones Index declined 21.61 points (-0.23%) to 9,487.67, while the S&P 500 index lost 4.64 points (-0.45%) to 1025.21
Crude oil for October delivery was recently trading at $69.74 per barrel, lower by $1.08.
Gold for October delivery was recently trading higher by $2.80 to $1,003.50.