Wall Street's main indexes fell on Friday as data showed a sharp slowdown in U.S. employment growth, and investors turned their attention toward the likelihood of another fiscal stimulus bill to buttress the economy from a pandemic-induced recession.
NEW YORK - Wall Street’s main indexes fell on Friday as data showed a sharp slowdown in U.S. employment growth, and investors turned their attention toward the likelihood of another fiscal stimulus bill to buttress the economy from a pandemic-induced recession.
With the benchmark S&P 500 index now about 1.5% below its record high, defensive sectors including utilities .SPLRCU and real estate .SPLRCR were among the gainers. Tech-related .SPLRCT stocks, which have fueled a Wall Street rally since March, posted the biggest declines and helped push the Nasdaq down more than 1%.
The U.S. Labor Department’s closely watched report showed nonfarm payrolls increased 1.76 million in July, much lower than the record 4.8 million in June. “A big miss, a big disappointment, or a very large exceeding expectations would have hardened positions and would have increased the divide,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
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