U.S. stocks finish lower, but Nasdaq Composite, S&P 500 book consecutive weekly advance
U.S. stock indexes finished lower on Friday after an unexpectedly strong surge in January nonfarm payrolls reversed the Wall Street's perception that the end of the Fed's rate increases is near. The Dow Jones Industrial Average was off 128 points, or 0.4%, to end at 33,925, while the S&P 500 declined by 1% and the Nasdaq Composite dropped 1.6%. For the week, the S&P 500 booked a weekly gain of 1.6%. The Nasdaq rose 3.3%, booking its fifth consecutive weekly advance and the longest winning streak in over a year, thanks to strong earnings from some major tech companies. The Dow industrials erased its earlier gain and slipped 0.3% this week, according to Dow Jones Market Data.
-Isabel Wang
(END) Dow Jones Newswires
February 03, 2023 16:15 ET (21:15 GMT)
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