The US stocks finished a buoyant week with a poor show as it ended the session lower after a strong US jobs report that signaled the country’s labor market is strengthening.
The Dow Jones Industrial Average fell 61.91 points, or 0.35 percent, to 17,822.97 during the closing trade on Friday. The broad-based S&P 500 declined 7.01 points, or 0.34 percent, to 2,055.51, while the Nasdaq Composite Index fell 20.70 points, or 0.43 percent to 4,744.40 at the closing bell on Friday.
The Friday’s losses were primarily attributed to profit-taking, said Mace Blicksilver, director of Marblehead Asset Management.
Even with the Friday’s whimper performance, the Dow Jones Industrial Average ended the week over 650 points higher.
Meanwhile, the Labor Department report on Friday showed the US economy added 257,000 more jobs in the month of January. The jobs figures reported in January were better than the estimates of 235,000 as projected by the analysts.
The nonfarm payrolls rose more than expected last month, while the wages rebounded. The jobs for the months of November and December were revised sharply at a higher level. The rate of unemployment rose 5.7 percent due to an increased labor force.
The benchmark S&P 500 index has posted 43 new 52-week highs and two new lows, while the Nasdaq Composite has recorded 96 new highs and 20 new lows.