New York: Wall Street on Friday wrapped the first week of the new year with daily and weekly losses because investors were worried about climbing a rise in US interest rates and opening Omicron news.
The Nasdaq posted a decline in the biggest weekly percentage since February 2021 and LEDs declined today in the main index.
Stocks fell on Friday after a US job report of December passed hope but still looked strong enough to keep the Federal Reserve fastening path in place.
The data of the Friday labor department showed the US work market was on or approached maximum work even though the work rose much lower than expected in December, when there was a lack of workers.
On Wednesday, the minutes released from the Fed 14-15 policy meeting showed officials at the US Central Bank viewed the labor market as “very strict,” and signaled The Fed might have to raise interest rates faster than expected.
“Takeaway investors are that the labor market continues to be strict despite the main headline,” said Michael Arone, head of investment strategist at State Street Global Advisors in Boston.
“Investors are worried The Fed will be more aggressive than expected.” The discretionary consumer sector and and lead lower lead technology at the S & P 500 on Friday.
Large technology companies have benefited from low interest rates.
On the other hand, the financial sector of the S & P 500 and the banking index extended a recent increase and reached the highest record of closure.
Bank index rose 9.4% for this week, registering the biggest weekly percentage increase since November 2020.
The average Dow Jones industry fell 4.81 points, or 0.01%, to 36,231.66, S & P 500 lost 19 02 points, or 0.41%, up to 4,677.03 Nasdaq composite fell 144.96 points, or 0.96%, to 14,935.90.
For this week, the Dow fell 0.3%, the S & P 500 decreased 1.9% and the Nasdaq fell 4.5%.
The bank has increased with the results of the US Treasury, with a 10-year US benchmark that jumped to a two-year high on Friday on the prospect of a Fed interest rate increase.
“Sentiment has changed negatively,” said Jack Dollarhide, Chief Executive Officer of Longbow Asset Management in Tulsa, Oklahoma.
“Currently the market is nervous and wants to be sold in the first instructions of bad news.” The increase in cases of omicron variants from Coronavirus also caused the investors to swipe this week.
Investors have played technology-technology technology and become more value-oriented shares, which according to them are better in the high interest rate environment.
The S & P 500 value index was added 1% this week, outperformed the S & P 500 growth index which fell 4.5%, the biggest weekly percentage decrease since October 2020.
The S & P 500 energy sector was sharply obtained for a week, up 10.6% in the best week.
November 2020.
GameStop Corp.
“Meme Stock” jumped 7.3% after video game retailer said it would launch a division to develop a market for tokens that could not be treated and set the Cryptocurrency partnership.
Advancing the problem exceeds the amount decreasing on the NYSE with a ratio of 1.01-to-1; On the NASDAQ, the ratio of 1.38-to-1 is preferred by the decliner.
S & P 500 posted 50 highs of 52 weeks and 1 new low; The Nasdaq Composite recorded 83 newest highs and 262 new lows.
The volume of US exchange was 10.21 billion shares, compared with an average of around 10.4 billion for a full session for the last 20 trading days.
Wall Street post declined for the first week of 2022
