The Dow Jones Industrial Average fell 1.7% while the S&P 500 slipped 1.5%. The Nasdaq Composite Index declined 1.5%.
Nonfarm payrolls fell by 701,000 in March and the unemployment rate climbed to 4.4%, the US Bureau of Labor Statistics said Friday. The 0.9 percentage point gain in the unemployment rate was the biggest month-over-month jump since 1975. Worse news is expected in next month's employment report, according to Francis Genereux, senior economist at Desjardins.
"Job losses were higher than anticipated in March, and April may be even more difficult as necessary isolation measures further impact economic activity," Genereux said in a report Friday. "We can easily anticipate job losses being much greater in
April and the jobless rate climbing to near 10%."
In the US, a total of 266,671 cases of COVID-19 have been confirmed with 6,921 deaths, according to data compiled by Johns Hopkins University.
For the week, the Dow fell 2.7%, the S&P 500 slumped 2.1%, while the Nasdaq slipped 1.7%.
Dow Jones Industrial Average was down 360.91 points (-1.7%) to 21,052.53
S&P 500 was down 38.25 points (-1.5%) to 2,488.65
Nasdaq Composite Index was down 114.23 points (-1.5%) to 7,373.08
FTSE 100 was down 64.72 points (-1.2%) to 5,415.50
DAX was down 4+5.05 points (-0.47%) to 9,525.77
CAC 40 was down 66.38 points (-1.6%) to 4,154.58
Nikkei was up 1.47 points (+0.01%) to 17,820.19
Hang Seng Index was down 43.95 points (-0.19%) to 23,236.11
Shanghai Composite Index was down 16.65 points (-0.6%) to 2,763.99
(+) TSLA (+5.6%) Reports record deliveries in Q1
(+) ARNC (+30%) Replaces bankrupt Whiting Petroleum in S&P SmallCap 600
(+) ECOR (+38%) Seeks FDA nod to use its therapy for COVID-19
(-) IO (-19%) Company cuts costs on COVID-19
(-) AEHR (-18%) Reports Q3 results, scraps guidance
(-) RCL (-1.7%) S&P cuts rating to junk
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