December 12, 2017
Friday, June 5, 2015

Strong jobs report gives Wall St 2nd straight losing week

The Dow and S&P 500 eased today as increasing expectations the Federal Reserve could raise rates as soon as September offset optimism over a recovery in the US labor market.

Stronger-than-expected jobs data for May and a pickup in wages were the latest signs of better momentum in the economy.

The S&P utilities index, which includes top dividend payers that tend to fall as prospects for higher rates rise, was down 1.3 percent and among the weakest-performing sectors. The US benchmark bond yield hit its highest since October.

S&P financials, which benefit from higher rates, were up 0.6 percent, among the day's best performing sectors, while the S&P energy index added 0.7 percent. Energy shares bounced with oil prices.

The Dow Jones industrial average fell 56.12 points, or 0.31 percent, to 17,849.46, the S&P 500 lost 3.01 points, or 0.14 percent, to 2,092.83 and the Nasdaq Composite added 9.33 points, or 0.18 percent, to 5,068.46.

For the week, the S&P 500 fell 0.7 percent, its second straight week of losses, the Dow was down 0.9 percent and the Nasdaq was down 0.03 percent.

In Europe, expectations of more Greek debt drama drove European stocks lower as German Bunds posted their worst weekly losses since 1999.

German 10-year yields, the benchmark for euro zone borrowing costs, were higher at 0.85 percent. The widely watched 10-year shed almost 3 percent of its value this week, the biggest weekly loss since the euro's inception in 1999.

MSCI's all-country world stock index fell 0.74 percent, while the pan-European FTSEurofirst 300 index closed down 0.88 percent to 1,543.56.

Greece delayed repayment of an IMF loan on Friday and a deputy minister said Athens might call snap elections to break an impasse with lenders.

Meanwhile, Japan's Nikkei share average fell as investors grew cautious before the release of US jobs data later in the day that might give a clue to the timing of an increase in US interest rates.

The Nikkei 225 ended 0.1 percent lower at 20,460.90 points, moving away from a 15-year high of 20,655.33 hit nearly a week ago.

For the week, the index shed 0.5 percent, snapping a three-week winning streak. The broader Topix dropped 0.4 percent to 1,667.06 and the JPX-Nikkei Index 400 shed 0.4 percent to 15,049.51.

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Tags:  US  stock market  Europe  Nikkei  

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