US stocks fell on Friday from record-high levels as investors took profit and data showed slower-than-expected December US jobs growth, but the major indexes posted gains for the week.
Domestic jobs increased by 145,000 last month, below the forecast for a 164,000 rise, the US government data showed, as the pace of hiring remained more than enough to keep the longest economic expansion in history on track. Friday’s report also showed the jobless rate held near a 50-year low of 3.5 per cent and average hourly earnings rose 0.1 per cent in the previous month. That has given investors reason to take some profit, but next week the focus will turn to earnings, he said.
The Dow Jones Industrial Average fell 133.13 points, or 0.46 per cent, to 28,823.77, the S&P 500 lost 9.35 points, or 0.29 per cent, to 3265.35 and the Nasdaq Composite dropped 24.57 points, or 0.27 per cent, to 9,178.86. For the week, the S&P 500 rose 0.9 per cent and the Dow added 0.7 per cent. The Nasdaq climbed 1.8 per cent in its fifth consecutive week of gains.
The gains followed easing tensions between the United States and Iran and firmer hopes of a US-China trade deal. The S&P 500 technology index .SPLRCT, which gained 2.2 per cent for the week, was down 0.2 per cent on Friday.Morning-Market-Note-Monday-13th-January