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US stocks close sharply lower amid soft data

IANS  |  New York 

US stocks closed sharply lower on Friday as investors digested a batch of economic data.

The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95. The S&P 500 fell 62.87 points, or 2.33 per cent, to 2,633.08, reported.

The fell 219.01 points, or 3.05 per cent, to 6,969.25.

US job growth slowed in November amid fears of a possible economic slowdown. Total non-farm payroll employment increased by 155,000 in November, and the unemployment rate remained unchanged at 3.7 per cent, the reported on Friday.

Job gains occurred in health care, in manufacturing, and in and warehousing, said the department.

Stocks had seen volatile trading during the week as investors grew concerned about the pace of economic development as well as interest rate hikes.

The US three-year treasury note surpassed its five-year note on Monday. The inverted curve caught investors' attention because historical statistics showed that when short-term yields trade above longer-term rates a recession could follow.

Anxiety around a potential curve inversion sent the yield on the benchmark 10-year Treasury note to 2.858 per cent on Friday. The yield was above 3 per cent at the start of the week.

Meanwhile, Shares of large-cap tech companies declined on Friday, putting pressure on the benchmark indices. and traded 6.27 per cent and 4.12 per cent lower respectively. Shares of fell 3.57 per cent after cut its price target, citing weakening sales.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, December 08 2018. 05:50 IST