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Stocks dropped sharply on Friday, concluding what has been a wild week for Wall Street. A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Average lower by 400 points.
The 30-stock index swooned 399.84 points, or 1.6%, noon Friday at 24,547.83
The S&P 500 faded 41.32 points, or 1.5%, to 2,654.63
The NASDAQ shed 136.29 points, or 1.9%, to 7,051.72
Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google-parent Alphabet all traded lower. Apple’s stock also fell 2.4% after Morgan Stanley cut its price target on the tech giant’s shares, citing weakening iPhone sales.
For the week, the major indexes were all down more than 3%. Thursday’s session included a violent drop of nearly 800 points, followed by a strong rebound from those levels.
The U.S. economy added 155,000 jobs last month. Economists polled by Dow Jones expected a gain of 198,000 jobs. Wage growth also missed estimates.
The Wall Street Journal reported the Federal Reserve is considering whether to signal a wait-and-see approach to rate hikes at its upcoming meeting this month. The report said Fed officials do not know what their next move on rates will be after December.
Prices for the benchmark for the 10-year U.S. Treasury were slightly higher, lowering yields to 2.88% from Thursday’s 2.89%. Treasury prices move in opposite directions.
Oil prices gained $2.14 to $53.63 U.S. a barrel.
Gold prices surged $7.80 to $1,251.40 U.S. an ounce.
