Wall Street concluded Friday's session even lower as more negative economic data from the U.S. Bureau of Labor Statistics demonstrated the warning signs of coming economic devastation amid the still growing coronavirus pandemic. Based on the agency's employment statistics for early March, total nonfarm payrolls fell by 701,000 and the unemployment raised to 4.4%. This report reflects data collected only through March 12, before must of the country entered stay-at-home orders and many companies furloughed employees. March is beginning to look like the end of the strong jobs market the United States had maintained during the recent record bull market.
For the week, The S&P 500 Index and Dow Jones fell over 2% and the Nasdaq dropped by 1.7%, signaling that investors are moving away from coronavirus fears to unemployment level concerns.
Here's how the stock market ended another volatile week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, Tesla
In Stock Sector News, every sector expect Consumer Staples +0.54% posted negative performance on Friday. The losses were as follows: Utilities -3.62%, Materials -2.34%, Financials -2.23%, Communication Services -2.20%, Information Technology -1.65%, Industrials -1.55%, Consumer Discretionary -1.47%, Energy -1.34%, Health Care -0.96% and Real Estate -0.76%.
In Commodity and Currency News, President Trump vowed on Friday that the U.S. energy sectors will recover from March's steep sell-off. West Texas Intermediate