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Stocks - Dow Reverses Course, Loses 130 After Hitting 29,000

Stock MarketsJan 10, 2020 04:08PM ET
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Investing.com – The Dow wiped out gains and ended lower after hitting a historic level in intraday trading Friday, pressured by a downturn in financials as Treasury yields fell sharply on a weaker jobs report.

The S&P 500 lost 0.29%, while the Nasdaq Composite fell 0.27% and the Dow Jones Industrial Average slumped 0.46%. The Dow reversed course after hitting 29,000 for the first time.

The U.S. created 145,000 jobs last month, undershooting economists' forecast of 164,000.

The jobs report also showed weak wage inflation, pressuring Treasury yields, which led to a slump in financials, mostly banks.

JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) fell about 1%, while Goldman Sachs (NYSE:GS) ended the day just below the flatline.

Falling U.S. Treasury yields weigh on a bank's ability to generate net interest margin income – the difference between the rates they charge on loans and the rates they pay on deposits and borrowings.

Industrials also played their part in the broad-based decline, partly driven by pressure from General Electric (NYSE:GE) and Boeing (NYSE:BA).

GE fell 2% as JPMorgan reiterated its underweight rating and $5 price target on the stock.

Boeing fell 2% as its reputation continued to come under fire after documents released on Thursday to Congress showed employees raised doubts about 737 Max's ability to fly safely.

The negative end to the week on Wall Street comes as investors hope the U.S. and China are nearing a resolution to their months-long trade war, with the phase one deal expected to be signed next week.

White House economic adviser Larry Kudlow told Fox Business Network that the trade deal is on track to be signed on Jan. 15.

Stocks - Dow Reverses Course, Loses 130 After Hitting 29,000
 

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Comments (4)
Ron Warren
Ron Warren Jan 11, 2020 11:39AM ET
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Did you really think the market makers were going to pay all the calls this week? Phsyc!!
Carlos Duffoo
Carlos Duffoo Jan 10, 2020 8:05PM ET
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Remember folks, not everyone wants indexes to go up...Manipulators were in complete control in today's session
Jin News
Jin News Jan 10, 2020 6:43PM ET
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what goes up must come down...will go up again later
Edward Chong
Edward Chong Jan 10, 2020 6:43PM ET
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yeap. party far from over.
End The Fed
End The Fed Jan 10, 2020 4:29PM ET
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Lol once the trade deal falls through again watch stocks take a nosedive
Beyond Bullish Trades
Beyond Bullish Trades Jan 10, 2020 4:29PM ET
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BABA will lead the charge.
Jon Benton
Jon Benton Jan 10, 2020 4:29PM ET
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Swan Drive as all the Sucker$ get locked into bad stocks !!!
Russ Green
Russ Green Jan 10, 2020 4:29PM ET
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Jon Benton All the suckers are up 30% this year
 
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