U.S. stocks open lower amid downbeat data
Xinhua,May 04, 2018 Adjust font size:
NEW YORK, May 4 (Xinhua) -- U.S stocks opened lower on Friday as newly-released jobs report missed Wall Street expectations.
Shortly after the opening bell, the Dow Jones Industrial Average erased 130.01 points, or 0.54 percent, to 23,800.14. The S&P 500 decreased 13.48 points, or 0.51 percent, to 2,616.25. The Nasdaq Composite Index was down 27.65 points, or 0.39 percent, to 7,060.50.
Total nonfarm payroll employment increased by 164,000 in April, lower than the 195,000 expected by economists, according to the Labor Department.
Average hourly earnings growth also missed estimates as it rose only 0.15 percent against expectations of a 0.2 percent gain.
Despite the disappointing number of jobs created, the unemployment rate edged down to 3.9 percent, following 6 months at 4.1 percent. The number of unemployed persons, at 6.3 million, also edged down over the month, said the department.
Meanwhile, investors will keep a close eye on remarks scheduled to be delivered by several central bank officials on Friday, looking for comments on U.S. economy. Enditem