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The S&P 500 dipped in volatile trading on Friday, after a disappointing November jobs report, as the market nears the end of a roller-coaster week driven by COVID omicron variant developments.
The Dow Jones Industrials tailed off 28.59 points to 34,611.20, dragged down by a 2% loss in Boeing
The S&P 500 index fell 20.28 points to 4,555.14.
The NASDAQ tumbled 216.33 points, or 1.4%, to 15,164.99. The major averages are on pace for a losing week.
Despite a rebound on Thursday that saw the Dow rise more than 600 points, the Dow is down 0.8% for the week. The S&P 500 is down 0.6% and the NASDAQ has lost 1.3% since Monday.
Stocks tied closely to the virus have led the market on its week-long seesaw, and that continued Friday. Companies that benefit from the economic expansion, such as hotels and airlines, led losers. Las Vegas Sands was off 2% and Delta Air Lines fell 1.2%. Norwegian Cruise Line fell 2.7% and Carnival Corp. lost 3%.
On the positive side, vaccine leader Moderna was among the biggest gainers, with its shares rising about 3%.
Elsewhere in markets, Chinese ride-hailing giant Didi announced during Asia trading hours on Friday that it will start delisting from the New York Stock Exchange and make plans to list in Hong Kong instead. Shares fell 11%.
November’s jobs report showed slower-than-expected job creation last month. Non-farm payrolls increased by just 210,000 for the month, well below the 573,000 jobs predicted by economists polled by Dow Jones.
However, the unemployment rate fell sharply to 4.2%, better than estimates of 4.5%.
Prices for 10-year Treasurys gained some territory, lowering yields to 1.43% from Thursday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.03 to $68.53 U.S. a barrel.
Gold prices advanced $8.60 to $1,771.30 U.S. an ounce.
