Home / stock market / U.S. stocks closed fractionally lower Friday, posting weekly losses

U.S. stocks closed fractionally lower Friday, posting weekly losses

Jobs report: The jobs report also showed average wages rose 0.2% to $26.14 an hour.
“This is a disappointing jobs report coming in well below consensus,” said Chris Zaccarelli, chief investment officer for Cornerstone Financial Partners.
U.S. stocks closed fractionally lower Friday, posting weekly losses after staggering through a choppy session as investors digested weaker-than-expected March jobs data and President Donald Trump’s late Thursday airstrike against Syria.
Under Armour Inc. UA, -3.20% UAA, -2.02% shares closed lower following a report that the athletic apparel company was cutting jobs at its fitness-tracking device unit.
The Labor Department report showed that the U.S. created just 98,000 new jobs in March, marking the smallest gain in almost a year, as hiring cooled.

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Stock market bears aren’t giving up

Stock market bears aren’t giving up

On Wednesday it seemed that SPX was about to close well above that level, setting up a test of the all-time highs.
The S&P 500 Index (SPX) has not made a new all-time high in over a month (since March 1, to be exact).
In any case, the point is that SPX has not been able to overcome resistance at either 2370 or 2400, and thus the bears still have a chance to take this market lower.
While that low did generate a decent rally, it has run into resistance in the 2370 area.
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Economic data, which showed some signs of softness Monday, added to the market’s cautious tone.
Ford Motor Co. F, -0.35% fell 1.7% after its March sales data, while General Motors Co. GM, -1.32% lost 3.4%.
Read: Economic data on watch as sleepy stock market awaits earnings seasonAmong Federal Reserve speakers, Philadelphia Fed President Patrick Harker reiterated on Monday that he still backs two more rate hikes this year.
Mixed auto sales weighed on sentiment, said Peter Boockvar, chief market analyst at The Lindsey Group.
“I expect we’ll see some softness until earnings start to come in,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services.

collected by :Dicson Walt

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