Nonfarm payrolls fell 524,000 in December, versus the estimate of a 525,000 decline. November was revised from -533,000 to -584,000, the worst reading in 34 years, and October was revised from -320,000 to -423,000. The unemployment rate rose from an upwardly revised 6.8% to 7.2%, higher than the forecast of 7.0%. Average hourly earnings increased 0.3%, above the 0.2% forecast.
Wholesale inventories fell 0.6% in November, versus the forecast of a 0.7% drop. October was revised slightly lower.
The Dow Jones Industrial Average dropped 143 points (1.6%) to close at 8,599, the S&P 500 Index declined 19 points (2.1%) to 890, and the Nasdaq Composite fell 45 points (2.8%) to 1,572. Crude oil lost $0.87 to $40.83 per barrel, and gold was down $1.50 to $853.00 per ounce. For the week, the DJIA fell 4.8%, the S&P 500 Index lost 4.5%, and the Nasdaq Composite declined 3.7%.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
