A Labor Department report saying the economy created 288,000 jobs last month sent stocks tumbling on fears of an interest-rate hike.
Investors went on a selling spree Friday as Wall Street balked at a report of strong job growth in April and began bracing for an interest-rate hike. But technology outperformed most other sectors, with big names such as Cisco Systems, Dell, and Intel posting gains,
The InformationWeek 100 fell 2.54 points, or 0.8%, to 307.54, but finished the week ahead 0.6% The Dow Jones industrials fell 123.92 points, or 1.2%, to close at 10,117.34, while the Nasdaq Composite fell 19.78 points, or 1%, to 1,917.96. The S&P 500 fell 15.30 points, or 1.4%, to 1,098.69. For the week, the Dow lost 108.23 points, or 1.1%, the S&P 500 fell 8.61 points, or 0.8%, and the Nasdaq fell 2.19 points, or 0.1%. It was the second straight week of declines for all three major indexes, which hit their lowest levels since March 24.
The Nasdaq-100 tracking stock fell 29 cents to $34.97 as more than 137 million shares changed hands.
A blowout jobs report--the Labor Department estimated that the economy created 288,000 new jobs last month and unemployment fell to 5.6%--seems to have persuaded traders that the Federal Reserve will raise rates for the first time in four years at its June meeting. On Tuesday, the Federal Open Market Committee said, with risks to the economy now balanced, rates can rise at a "measured" pace.
IT's Reputation: What the Data SaysInformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business really views IT's performance in delivering services - and, more important, powering innovation. Our results suggest IT leaders should worry less about whether they're getting enough resources and more about the relationships they have with business unit peers.
What The Business Really Thinks Of IT: 3 Hard TruthsThey say perception is reality. If so, many in-house IT departments have reason to worry. InformationWeek's IT Perception Survey seeks to quantify how IT thinks it's doing versus how the business views IT's performance in delivering services - and, more important, powering innovation. The news isn't great.
InformationWeek Must Reads Oct. 21, 2014InformationWeek's new Must Reads is a compendium of our best recent coverage of digital strategy. Learn why you should learn to embrace DevOps, how to avoid roadblocks for digital projects, what the five steps to API management are, and more.