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Wall Street shivers after Friday’s dismal jobs report

By Yashasvini on Oct 09, 2021 | 05:39 AM IST

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A weaker-than-expected jobs report triggered a weaker market as technology stocks came under pressure with a rise in bond yields.

The Dow Jones Industrial Average fell 8.69 points, or less than 0.1%, to close at 34,746.25. The S&P 500 slipped 8.42 points, or 0.2%, to finish at 4,391.34. The tech-heavy Nasdaq Composite Index lost 74.48 points, or 0.5%, to end at 14,579.54.

For the week, the Dow rose 1.2% recording its best week since June. The S&P 500 rose about 0.8% for its best week since August. The Nasdaq rose just shy of 0.1% since Monday.

Data released by the Labour Department showed that the U.S. economy created far fewer jobs than had been expected in September.

 READ MORE : September records the lowest job growth rate in 2021

Meanwhile, safer bets like Treasuries have seen yields rise as investors anticipate that September’s figures won’t derail the central bank’s plans to scale back its bond-purchasing program. The benchmark 10-year Treasury note added to yields with significant rates going as high as 1.6%, something which has not been seen since early June.

The U.S. oil benchmark CL00, rose 1.3% Friday to settle at $79.35 a barrel, booking a nearly 5% gain for the week

Rising infection rates in the US as the Delta coronavirus variant spreads rapidly, raise the risk that new restrictions may need to be reintroduced to prevent overwhelming healthcare services. Analysts speculate that these reasons may have played a role in reducing the number of job seekers even as firms acknowledging their desperation to hire.

Shares of ChemoCentryx Inc. jumped 96% Friday after the company said that it had received approval from the Food and Drug Administration for its Anca-associated vasculitis therapy.

U.S.-listed shares of AstraZeneca rose 0.4% on Friday after the company said an experimental asthma drug it is developing with Amgen has been given an orphan drug designation as a treatment for eosinophilic esophagitis, a rare inflammatory disease. Amgen shares slipped about 0.1%.


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