The US markets ended the Friday’s session in red despite an upbeat jobs data. Though, the major averages moved moderately higher during the course of the trade after the Labor Department reported stronger than expected job growth in the month of January. The non-farm payroll employment rose by 257,000 jobs in January. However, the unemployment rate edged up to 5.7 percent in January from a six-year low of 5.6 percent in December, reflecting a substantial increase by the size of the labor force, which surged up by 1.05 million. Traders also turned cautious amid speculation the data may lead the Federal Reserve to raise interest rates sooner than previously anticipated. Fed Bank of Philadelphia President Charles Plosser said stronger US economic data had him “at the cusp” of thinking the time to raise interest rates was now. The major concern of the day was Standard & Poor's downgrading its rating on Greek debt to 'B-' from 'B,' with a negative outlook. Energy stocks too reversed an earlier advance, even as oil continued to rally.
The Dow Jones Industrial Average declined by 60.59 points or 0.34 percent to 17,824.29, the Nasdaq lost 20.70 points or 0.43 percent to 4,744.40 and the S&P 500 was lower by 7.05 points or 0.34 percent to 2,055.47.
The Indian ADRs ended mostly in red on Friday, Dr Reddy’s Lab was down by 0.44%, HDFC Bank was down by 0.85%, ICICI Bank was down by 0.38%, Tata Motors was down by 1.18% and Wipro ended lower by 0.04%.
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