U.S. stocks finished lower Friday for a fifth session in a row, with the Dow notching its longest losing streak since June, after a disappointing jobs report and a slump in Chinese exports added to concerns about slowing global growth.
China’s news adds to concerns about global growth. Investors are still reeling from a more dovish-than-expected European Central Bank, which announced new measures to support a slowing economy on Thursday.Other data on Friday showed German manufacturing orders fell sharply in January, though December data were raised.
What were analysts saying? “Job growth is slowing, no doubt about that,” JJ Kinahan, chief market strategist at TD Ameritrade, told MarketWatch. He cautioned not to read too much into one report, however, given the recent volatility in the numbers, which may be related to the government shutdown and recent extreme weather in the Midwest.
“This [jobs report] will be a bit hard to digest—it’s really mixed,” wrote Mike Loewengart, investment strategist at E-Trade Financial Corp. wrote in a note. “Great to see wages up as that was a sticking point last year. And while the job growth for February leaves much to be desired, its encouraging to see both December and January raised.’ he added.
DowDuPont Inc. DWDP, +0.29% shares reversed direction to rise 0.3% after the board of the materials and chemicals giant approved the separation of its materials science division, setting up the creation of a new publicly traded firm called Dow. The new firm is set to trade independently on or about March 20.
Shares of Okta Inc. OKTA, -3.42% dropped 3.4% after the identity-management company issued disappointing earnings guidance.
Source: News Formal (newsformal.com)
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