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US stocks finish first week of year with significant losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US stocks finished the day and the week with significant losses, marking the worst opening week of the year in history. Wall Street indexes were weighed down by a combination of a slump in oil prices, geopolitical tensions in the Middle East and turmoil in Chinese markets

    The Dow Jones Industrial Average lost 167.65 points, or 1.02%, to 16,346, posting a 6.2% weekly decline. The S&P 500 fell 21.08 points, or 1.08%, to 1,922, closing the week 6% lower, its largest weekly loss since Sept 2011. The Nasdaq Composite dropped 45.80 points, or 0.98%, to 4,643, down 7.3% over the week.

    A stronger-than-expected nonfarm payrolls report offered only short-lived relief. On Friday, data showed US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.
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