SEPTEMBER 4, 2020
Dow Jones Industrial Average falls 159 points
The Dow fell 159.42 points, or 0.6%, to 28,133.31. The S&P 500 dipped 0.81% to 3,426.96. The Nasdaq Composite slid 1.3%. Stocks gyrated wildly throughout Friday’s session as tech shares tried to recover from a massive sell-off in the previous session. The Dow was down more than 600 points at one point. All the major benchmarks fell for the week as tech shares declined.
U.S. unemployment rate drops
The U.S. unemployment rate fell to 8.4% last month from 10.2% in July, the Labor Department said. Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million. “The jobs data today were solid,” said Jamie Cox, managing partner at Harris Financial Group. “However, now the real work begins. The next 2-3% of employment gains are going to be very tough because there is no total reopening in sight.”
The report was not enough to push the markets into the green, however.
Banks and Boeing rise, Apple and Tesla rebound
JPMorgan Chase and Citigroup both gained 2% as traders rotated into more beaten-down names. Boeing also climbed 1.4%. Apple, meanwhile, closed slightly higher after a late-day rally. Tesla ended the session 2.8% higher after dropping as much as 8.6%.
What happens next?
It will be a shortened trading week as U.S. markets are closed on Monday for Labor Day.