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Manila Bulletin devider Business devider Stock markets take a breather after rally

Stock markets take a breather after rally

Published Feb 8, 2020 12:00 am
By Agence France-Presse Global stocks mostly fell Friday as investors pocketed profits from this week's rallies, despite data showing a surge in US job creation. Wall Street stocks ended a strong week on a tepid note, retreating from records despite a strong US jobs report (GETTY IMAGES NORTH AMERICA/AFP / SPENCER PLATT / MANILA BULLETIN) Wall Street stocks ended a strong week on a tepid note, retreating from records despite a strong US jobs report (GETTY IMAGES NORTH AMERICA/AFP / SPENCER PLATT / MANILA BULLETIN) Equities largely bounced back this week after heavy losses triggered by worries about the economic fallout from China's deadly coronavirus outbreak. But major US indices, which ended at all-time highs on Thursday, spent all of Friday's session in the red. And major bourses in Asia and Europe also dipped. "Having already rallied hard this week, it was going to be hard to push equities higher into the weekend, especially given the uncertainty surrounding the coronavirus in China," said Chris Beauchamp, chief market analyst at online trading firm IG. The focus of the day was the US employment report, showing employers added 225,000 new non-farm jobs last month, far surpassing expectations, thanks to big gains in construction, and leisure and hospitality. And while the unemployment rate ticked higher, this was due to more people entering the labor force. Wages rose modestly. But stocks retreated as "investors take a breather to reassess after a string of four-straight days of solid gains," analysts at Charles Schwab brokerage said in a statement. Meanwhile there is a sense the global economic impact of the virus outbreak could be limited. Observers say the virus, which has killed more than 600 people and infected 31,000, will batter Chinese growth in the first quarter but the economy could rebound later in the year, as it did after SARS. "If the pattern of the SARS impacts are a guide, there is the potential for the Chinese economy to rebound with an above-potential growth rate once the outbreak subsides," said T. Rowe Price analyst Chris Kushlis. Among individual companies, Uber Technologies surged 9.5 percent as it moved up the target date for becoming profitable to the fourth quarter of 2020, rather than in 2021. Ford dropped 1.7 percent as it promoted Jim Farley to chief operating officer and announced the carmaker's automotive President Joe Hinrichs will retire. Shares have been under pressure following a disappointing 2020 outlook released earlier this week. - Key figures around 2150 GMT - New York - Dow: DOWN 0.9 percent at 29,102.51 (close) New York - S&P 500: DOWN 0.5 percent at 3,327.71 (close) New York - Nasdaq: DOWN 0.5 percent at 9,520.51 (close) London - FTSE 100: DOWN 0.5 percent at 7,466.70 (close) Frankfurt - DAX 30: DOWN 0.5 percent at 13,513.81 (close) Paris - CAC 40: DOWN 0.1 percent at 6,029.75 (close) EURO STOXX 50: DOWN 0.2 percent at 3,798.49 (close) Shanghai - Composite: UP 0.3 percent at 2,875.96 (close) Hong Kong - Hang Seng: DOWN 0.3 percent at 27,404.27 (close) Tokyo - Nikkei 225: DOWN 0.2 percent at 23,827.98 (close) Euro/dollar: DOWN at $1.0946 from $1.0983 at 2200 GMT Pound/dollar: DOWN at $1.2885 from $1.2931 Euro/pound: FLAT at 84.94 pence Dollar/yen: DOWN at 109.80 yen from 109.99 yen Brent Crude: DOWN 0.8 percent at $54.47 per barrel West Texas Intermediate: DOWN 1.2 percent at $50.32 per barrel
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