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Wall Street extends losing streak on weak jobs report

Credit: Reuters Studio
Published on March 8, 2019 - Duration: 01:25s

Wall Street extends losing streak on weak jobs report

Wall Street's main stock indexes fell for a fifth straight session on Friday as a weak U.S. jobs report ignited more concerns about the global economy.

Fred Katayama reports.

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Wall Street extends losing streak on weak jobs report

Red arrows on Wall Street for a fifth day.

A weak jobs report drove stocks lower Friday.

The S&P 500 lost a fifth of a percent, and the Dow Transport index, considered a leading indicator, fell for the eleventh straight day.

For the week, the three indexes shed more than 2 percent.

Washington Crossing Advisors senior portfolio manager, Chad Morganlander: SOUNDBITE: WASHINGTON CROSSING ADVISORS SENIOR PORTFOLIO MANAGER, CHAD MORGANLANDER (ENGLISH) SAYING: "Our expectation is that you're going to continue to see equities here in the United States struggle for return.

We're in a lower return environment.

And as the global economy moderates and decelerates, United States Treasuries and interest rates on the long end of the curve will be more attractive." The U.S. economy added a paltry 20,000 jobs in February, far shy of expectations.

But the unemployment rate fell to 3.8 percent and average wages had their biggest annual growth since 2009.

The report ADDED TO GLOBAL ECONOMIC ANGST AND helped drive oil prices lower, which in turn pulled down energy stocks like Marathon, Apache and Exxon Mobil.

TECH STOCKS ALSO DROPPED.

Democratic Senator Elizabeth Warren said she would try to break up Amazon.com, Alphabet's Google and Facebook if she were elected president.

Among the biggest gainers on the S&P: Costco.

The warehouse club operator's quarterly profit jumped 26 percent and breezed past Wall Street's targets.

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