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The S&P 500 dropped 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 caved 262.88 points to 34,376.91, dragged down by a 3% loss in Boeing
The S&P 500 index lost 66.51 points, or 1.5%, to 4,510.59.
The NASDAQ shed 430.69 points, or 2.8%, to 14,950.63. The major averages are on pace for a losing week.
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 3% and Delta Air Lines fell 1.2%. Norwegian Cruise Line fell 2.7% and Carnival Corp. lost 3%.
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.
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 1.38% from Thursday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices stayed in plus territory 81 cents to $67.31 U.S. a barrel.
Gold prices advanced $16.50 to $1,779.20 U.S. an ounce.
