U.S. stocks slide again, dollar closes mixed Friday

NEW YORK, New York, Sept. 4 (Xinhua/Big News Network) — U.S. stocks finished lower on Friday after choppy trading as investors continued to rotate out of tech-related shares.

The Dow Jones Industrial Average fell 159.42 points, or 0.56 percent, to end at 28,133.31, after trading more than 600 points lower earlier in the session.

The S&P 500 decreased 28.10 points, or 0.81 percent, to 3,426.96.

The Nasdaq Composite Index slid 144.97 points, or 1.27 percent, to 11,313.13.

Major tech stocks struggled. Shares of Facebook, Amazon and Google-parent Alphabet all lost more than 2 percent. Netflix and Microsoft slipped 1.8 percent and 1.4 percent, respectively.

The S&P 500 tech sector sank 1.34 percent, following a 5.83-percent drop in the previous session.

U.S.-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

Investors pored through the newly-released U.S. jobs data.

U.S. employers added 1.4 million jobs in August, and the unemployment rate dropped to 8.4 percent, as the nation’s pandemic-ravaged labor market continues to slowly recover, the U.S. Bureau of Labor Statistics reported Friday.

Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8 percent from 10.2 percent in July.

The U.S. unemployment rate previously soared to a record 14.7 percent in April. Payrolls are still about 11 million below pre-pandemic levels.

Wall Street wrapped up its worst session in months on Thursday that saw the Dow shed more than 800 points amid tech rout.

On fofeign exchange markets Friday the dollar was mixed. The euro inched up to 1.1851. The British pound was unchanged at 1.3278. The Japanese yen eased to 106.24. The Swiss franc declined to 0.9131.

The Canadian dollar was weaker at 1.3063. The Australian and New Zealand dollars firmed slightly to 90.7282 and 0.6721 respectively.

In Europe, the German Dax declined 1.65 percent. The Paris-based Cac 40 declined 0.89 percent.

London’s FTSE 100 eased 0.88 percent

On Asian markets, the biggest fall came in Australia where the All Ordinaries shed 192.30 points or 3.05 percent to 6,108.50.

In Japan, the Nikkei 225 lost 266.10 points or 1.11 percent to 23,205.43.

China’s Shanghai Composite slid 29.61 points or 0.87 percent to 3,355.37.

The Hang Seng in Hong Kong closed down 312.15 points or 1.25 percent at 24,695.45..

Published at Fri, 04 Sep 2020 22:12:04 +0000

Source: U.S. stocks slide again, dollar closes mixed Friday.

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