US Stocks Open Lower After Bruising Jobs Data
Fahad Shabbir (@FahadShabbir) Published April 03, 2020 | 07:05 PM
Wall Street stocks fell in early trading Friday after the government reported the US lost 701,000 jobs in March as businesses shuttered due to the coronavirus outbreak
New York, (UrduPoint / Pakistan Point News - 3rd Apr, 2020 ) :Wall Street stocks fell in early trading Friday after the government reported the US lost 701,000 jobs in March as businesses shuttered due to the coronavirus outbreak.
About 10 minutes into trading, the Dow Jones Industrial Average stood at 21,337.45, down 0.4 percent.
The broad-based S&P 500 slipped 0.1 percent to 2,523.80, while the tech-rich Nasdaq Composite Index also dipped 0.1 percent to 7,483.24.
That was the worst job loss since March 2009 during the depths of the global financial crisis, and the biggest single-month jump in the jobless rate in more than 45 years, the report said.
But analysts noted that report -- based on surveys in the week of March 12 before the most draconian shutdowns -- underestimates the true employment devastation from the lockdowns.
In fact the Labor Department's own weekly data on workers who file for unemployment benefits for the first time showed 10 million people lost their jobs in the last two weeks of the month.
Petroleum-linked stocks enjoyed a rare rebound as oil prices gained on news that the Saudi-led OPEC was set to hold a video conference with non-cartel members, notably Russia, that could stop a price war that along with crushed demand because of the coronavirus has plunged the market into chaos.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
52 minutes ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
1 hour ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
1 hour ago -
European stocks lose momentum after global rally
2 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
3 hours ago -
CEO KP-EZDMC meets CRBC officials
3 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
3 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
4 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
4 hours ago -
Revised UAF budget recommended
4 hours ago -
IDEA, TEVTA organizes Job Fair for youth
4 hours ago -
Massive financial, administrative scam unearthed at SCCI
4 hours ago