The worse-than-predicted situation in the US labor market pushed Wall Street’s main indexes down.
In the United States, the New York stock exchanges closed lower on Friday, the worst week for the stock exchanges in almost a year and a half.
Among Wall Street’s main indices, the technology-oriented Nasdaq suffered the worst, and was down about 2.6 percent at the end of the day. The index was weighed down by concerns that the value of technology companies’ shares rose too much due to the excitement surrounding the development of artificial intelligence.
The S&P 500 index, which broadly follows the shares of large US companies, fell by 1.7 percent on Friday. The last time the index had an equally bad week was in March of last year. The industrial index Dow Jones fell by one percent.
The poor stock market week was influenced by the worse than expected employment outlook in the United States. According to a recent report published by the country’s Ministry of Labour, the number of employed people increased by 142,000 people in August. It was the second consecutive month when the number of employed people has grown less than economists’ forecasts. This, in turn, has caused concern about the country’s economic situation more broadly.
Source: AP