The stock market opened lower on Friday, but pared back earlier losses after stronger-than-expected payroll data which showed the U.S. economy adding nearly 1.8 million jobs last month. Investors are keeping an eye on ongoing stimulus talks. The Dow Jones Industrial Average was down 0.3%, nearly 100 points, at Friday’s open, while the S&P 500 fell 0.3% and the tech-heavy Nasdaq Composite lost 0.4%.
Stocks pared back early losses after the Labor Department released a better-than-expected monthly jobs report, which showed the U.S. economy adding 1.76 million jobs in July as some Americans who were laid off amid the coronavirus pandemic returned to work.
Not only did that beat Wall Street estimates, but the unemployment rate was also better than expected, falling from 11.1% to 10.2%.
Although unemployment ticked down for the third straight month, July’s job report is well behind the over 4 million payrolls gained in June, indicating a slowdown in the labor market’s recovery.
The latest jobs data comes as investors closely watch for updates on a new coronavirus stimulus bill, but Congress remains deadlocked over key issues like extending federal unemployment benefits , which expired last week.Market sentiment also took a hit after President Trump issued two executive […]
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