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  3. US markets end lower on Friday

US markets end lower on Friday

07 Mar 2020 Evaluate

Extending previous session’s losses, the US markets ended lower on Friday, with cut of around a percent each, as traders continue to worry about the economic impact of the coronavirus outbreak. Recent data points to a slowdown in new coronavirus infections in China, but the disease seems to be spreading more rapidly around the rest of the world. So far, more than 100,000 infections have been confirmed worldwide and more than 3,300 people have been killed by the virus. The worries about the outbreak overshadowed the Labor Department's usually closely watched monthly employment report.

The report showed much stronger than expected job growth in the month of February, although traders view the data as old news as the coronavirus fears have ramped up only recently. The Labor Department said employment surged up by 273,000 jobs in February, matching the upwardly revised spike in January. Street had expected employment to increase by about 175,000 jobs compared to the jump of 225,000 jobs originally reported for the previous month. With the much stronger than expected job growth, the unemployment rate unexpectedly edged down to 3.5 percent in February from 3.6 percent in January. The rate had been expected to remain unchanged.

A separate report released by the Commerce Department showed the US trade deficit narrowed more than expected in the month of January, as the value of imports fell by more than the value of exports. The Commerce Department said the trade deficit narrowed to $45.3 billion in January from a revised $48.6 billion in December. Street had expected the trade deficit to narrow to $46.1 billion from the $48.9 billion originally reported for the previous month.

Dow Jones Industrial Average dropped 256.50 points or 0.98 percent to 25,864.78, Nasdaq declined 162.98 points or 1.87 percent to 8,575.62 and S&P 500 was down by 51.57 points or 1.71 percent to 2,972.37.

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