Friday saw a steep decline in stocks as concerns that the economy might be heading into a recession were sparked by a far worse-than-expected jobs data for July.
1.84% was the decline in the broad-market index. At its most recent all-time high, the tech-heavy index had dropped by more than 10%. The Nasdaq Composite saw a loss of 2.43%. A 1.51% decline, or 610.71 points, was seen in the Dow Jones Industrial Average.
The 30-stock index had lost 989 points at its low point for the session. As the employment rate increased to its highest level since October 2021, stock markets crashed after July’s unexpected slowdown in U.S. job creation.
Nonfarm payroll growth slowed to 114,000 last month from 179,000 in June and fell short of the 185,000 experts surveyed by Dow Jones who predicted a rise to this level.
Source (CNBC)
