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  3. US markets end slightly in red on Friday

US markets end slightly in red on Friday

08 Apr 2017 Evaluate

The US markets ended the lackluster day of trade slightly in red on Friday. Sentiments remained downbeat following the release of a report from the Labor Department showing much weaker than expected job growth in March but also an unexpected drop in the unemployment rate. The non-farm payroll employment climbed 98,000 jobs in March after surging up by a revised 219,000 jobs in February. The street had expected an increase of about 180,000 jobs. Despite the weaker than expected job growth, the unemployment rate fell to 4.5 percent in March from 4.7 percent in February. The unemployment rate had been expected to come in unchanged. With the unexpected decrease, the unemployment rate fell to its lowest level since hitting 4.4 percent in May of 2007.

Moreover, traders were also keeping an eye on developments overseas after the U.S. launched a missile strike on a Syrian airbase overnight. Reports said U.S. warships in the Mediterranean Sea launched 59 Tomahawk cruise missiles targeting the al-Shayrat airbase in central Syria. President Donald Trump claimed a suspected chemical weapons attack on a rebel-held Syrian town earlier this week was launched from the airbase that was struck. Trump’s meeting with Chinese President Xi Jinping was also in focus, although the summit was largely overshadowed by the attack on Syria.

The Dow Jones Industrial Average declined 6.85 points or 0.03 percent to 20,656.10, the Nasdaq shed 1.14 points or 0.02 percent to 5,877.81 and S&P 500 was down by 1.95 points or 0.08 percent to 2,355.54.

The Indian ADRs closed mixed; HDFC Bank gained 0.30% and Tata Motors was up by 0.24%. On the other hand, Dr. Reddy’s Lab decreased 0.40% and Wipro was down by 0.08%.

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