While you were sleeping .. The big news on Friday night was that US non-farm payrolls increased by 192,000 jobs last month. Although this was very slightly below Wall Street’s expectation of 200,000 jobs, this was countered by the fact that the tally for the prior two months was revised to show 37,000 more jobs were created than previously reported. The governments survey of employers also found Americans were working longer hours, while the smaller survey of households from which the unemployment rate is derived showed a much larger surge in employment. That jump was met by a rise in the number of people entering the labour force, another show of confidence in the jobs market. Surprisingly though, momentum shares like Netflix and TripAdvisor sold off sharply for a second straight day on Friday, giving the Nasdaq its worst day since February and leaving investors anxious about how much further they may fall. Nasdaq’s 2.6 per cent loss follows a nearly 1 per cent slide on Thursday and puts the index more than 5 per cent below its closing high for the year, which was only recently set on March 5. Tech stock losses also had a negative effect on the S&P 500 which was down 1.25 per cent for the night.
Posted on: Sun, 06 Apr 2014 23:24:56 +0000
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