After falling sharply in response to a disappointing jobs report, the Dow Jones Industrial average dropped 21.61 points, or 0.23 percent, to close at 9,487.67. The Standard & Poor's 500 Index declined 4.64 points, or 0.45 percent, to 1,025.21. The Nasdaq Composite Index fell 9.37 points, or 0.46Economic data that led to the sharp fall early on the non-farm payrolls dropped more than expected in September. Private employers slashed 2 lakh 63 thousand jobs as against expectation of one lakh 75 thousand. The worse than expected jobs number caused the unemployment rate to increase to 9.8% from 9.7%, but that was expected. News of factory orders for August made a surprise 0.8% drop didn't help the early tone either.
Crude prices closed down over a percent after initially falling below 69 dollars. Prices dropped the most in a week after a report showed that the US jobless rate increased to a 26- year high.
Copper fell to the lowest price in two months, after a report showed US job losses accelerated in September, signaling slowing growth and contracting demand for the metal used in pipes and wires. Prices also fell as inventory levels spurred concern that demand may be diminishing. percent, to 2,048.11.
No comments:
Post a Comment