U.S. stocks closed lower Friday, U.S. time, ending another tumultuous week. U.S. stocks have been weighed down by a surge in deaths from the new corona virus in New York City and a dismal U.S. jobs report in March. The Dow closed down 360 points, or 1.69 per cent, at 21,052.53, the Standard and Poor’s 500 index closed down 1.51 per cent at 2,488.65 and the Nasdaq closed down 1.53 per cent at 7,373.08.
Technology stocks fell broadly in U.S. trading Friday, with Apple’s shares down 1.44 percent to $241.41, Google parent Alphabet inc.com.uk down 1.05 percent to $1,097.88, Amazon.com Inc. down 0.64 percent at $1,906.59, Microsoft down 0.92 percent at $153.90 and Facebook down 2.53 percent to $154.18. Oracle closed down 0.8 percent at $49.40, IBM closed down 3.33 percent at $106.34, Netflix closed down 2.25 percent at $361.76, Tesla closed up 5.62 percent at $480.01 after the company announced an 88,000-car delivery in the first quarter and Uber down 3.63 percent and Lyft down 2 percent.
Chip leader shares in U.S. stocks also fell broadly, with Intel closing down 0.4 percent at $54.13, Nvidia down 4.52 percent at $243.91, Texas Instruments down 2 percent at $99.98 and Broadcom at $234. At $26, down 1.18 per cent; Qualcomm closed down 4.1 per cent at $65.23; AMD closed down 4.27 per cent at $42.59; Micron Technology rose 0.32 per cent; and Applied Materials fell 2.22 per cent.
Most of the U.S.-listed Chinese shares fell, with Luckin Coffee continuing its 15.94 per cent plunge today from yesterday’s 75.57 per cent plunge; followed by Acer Research, which was shorted by Grizzly Research on February 25; Alibaba, which closed down 0.95 per cent at $187.11; JD.com, down 0.47 per cent at $39.89 and Perpetual at $97.22.42 per cent. ;P duo closed up 1.71 per cent at $36.90, Bee-Share closed down 1.27 per cent at $24.11, Edge closed down 4.69 per cent at $17.06 and 58.58.
New York Governor Andrew Cuomo said the death toll in New York added 562 to more than 2,900 in a single day, the largest increase to date. Cuomo added that the new coronaic confirmed-case curve “continues to rise.” He noted that There are currently more than 100,000 confirmed cases in New York State.
U.S. nonfarm payrolls fell 701,000 in March from the previous month, the worst U.S. jobs report since 2009, while the unemployment rate jumped to 4.4 percent. However, the report still fails to fully reflect the continuing impact of the new coronavirus outbreak on the U.S. economy. The number of Americans claiming unemployment benefits jumped to a record 6.6 million in the week of March 27, the Labor Department said Thursday.
Lauren Goodwin, portfolio strategist at New York Life Investments, said: “The nonfarm payrolls data released today confirm that the US economy performed well before the impact of the new coronavirus became apparent, and that the impact of the new corona virus has been severe. Unemployment will continue to surge as the impact of nationwide shutdowns on the U.S. economy increases further. “
For the week, the Dow is down 2.7 percent, the Standard and Poor’s 500 is down 2.1 percent and the Nasdaq is down 1.7 percent.
Mark Newton, managing partner at Newton Advisors, a consultancy, said: “Despite the huge volatility, the US and European stock markets have been moving horizontally over the past seven trading days. Earnings have been consolidated, but not yet too weak to the point where an immediate low is expected. “
By Friday’s close Of U.S. time, the Dow Jones Industrial Average and the Standard and Poor’s 500 Index were both more than 25 percent below their all-time highs in February.