The S&P500 closed lower after data showed weaker-than-expected job growth in September, but investors still expect the Federal Reserve to begin easing its asset purchases this year, as the three main indices on Wall Street remained fluctuating throughout the trading round before falling before the close, knowing that it recorded weekly gains.
After Wells Fargo scaled back their price targets, shares of Comcast and Charter Communications, the two biggest movers of the S&P500 and Nasdaq indexes, plummeted.
Real estate and utilities were the weakest performing sectors in the S&P500 indices, declining by 1.1% and 0.7%, respectively, while the energy sector index rose 3.1% and the oil index rose 4% over the week after the global energy crisis pushed prices to the highest level since 2014, Chevron and Exxon Mobil were among the most important companies that raised the index, with their shares rising more than 2%.
In September, the US economy created the fewest number of jobs in the past nine months at a time when school employment declined and some businesses suffered from staff shortages, but the unemployment rate fell to 4.8% from 5.2% in August, and the average hourly earnings rose by 0.6%, exceeding expectations.
The Dow Jones Industrial Average fell 0.03% to 34,746.25 points, while the S&P500 lost 0.19% to 4,391.35, and the Nasdaq Composite Index also declined 0.51% to 14,579.54 points, and for the whole week, The S&P500 rose 0.8%, Dow Jones rose 1.2%, and Nasdaq rose 0.1%.