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12-07-2018, 06:11 PM #1
Dow drops 558 points, down 4.5 percent for the week
- BREAKING NEWS
Dow drops 558 points, down 4.5 percent for the week
Stocks finished lower Friday as investors fretted about trade talks with China and a surprisingly weak November jobs report.
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Dow tanks 558 points ending stomach-churning week
By Suzanne O'HalloranPublished December 07, 2018MarketsFOXBusiness
Trade concerns continue to drag stocks
S&P Global Portfolio Manager Erin Gibbs says companies with high exposures to any type of tariffs are impacted by this week’s market selloff.
Equity investors rocked by days of volatility are saying good riddance to the week on Friday in what was another stomach-churning session. The month of December is now off to its worst start since 2008, as tracked by our partners at Dow Jones Market Data Group.
The Dow Jones Industrial Average finished the final day of the week down 558 points or over 2 percent, curbing losses that were well over 600 points intraday. The S&P 500 sank 2 percent and the Nasdaq Composite 3 percent as large cap tech names including Apple and IBM weighed on the Dow.Ticker Security Last Change %Chg IJI DOW JONES AVERAGES 24388.95 -558.72 -2.24% SP500 S&P 500 2633.08 -62.87 -2.33% I:COMP NASDAQ COMPOSITE INDEX 6969.2521 -219.01 -3.05%
Ticker Security Last Change %Chg AAPL APPLE INC. 168.49 -6.23 -3.57% IBM INTERNATIONAL BUSINESS MACHINES CORP. 119.34 -4.57 -3.69%
For the week, all three of the broader U.S. averages lost 4 percent amid significant point declines.
For Stocks...Worst Start to December since 2008
- DJIA: Down 1120.45 points or 4.39%
- S&P 500: Down 124.34 points or 4.50%
- Nasdaq Composite: Down 361.28 points or 4.93%
- Largest one week point and percentage decline since March '18 for S&P and Nasdaq
Source: Dow Jones Market Data Group
“This market volatility is all about trade” Robert Wolf, former chairman and CEO UBS Americas, told FOX Business on Friday. Wolf noted that a steady stream of comments this week on trade from President Trump and his top advisors, including Peter Navarro, are adding to the market’s volatility.
As the U.S.-China work on their ‘trade truce’ another cloud worried investors and that was the arrest in Vancouver of Huawei’s CFO Meng Wanzhou. She was arrested this week as part of a U.S. investigation into the company's alleged evasion of American sanctions against Iran. The Justice Department is seeking her extradition to the United States. Navarro told FOX Business while the DOJ is the lead, the U.S. remains engaged in the broader trade discussions. Wanzhou appeared in a Canadian court on Friday at a bail hearing.
On the economic front, the November jobs report was softer than expected. The Labor Department said American employers created 155,000 jobs last month, less than the 200,000 Wall Street analysts expected.
The November jobs report also found that the unemployment rate is still 3.7 -- its lowest level in nearly half a century -- and that wages edged slightly higher last month.
https://www.foxbusiness.com/markets/...ak-jobs-report
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