Business & Finance
News
5/7/2004
04:47 PM
Connect Directly
RSS
E-Mail
50%
50%
Repost This

Jobs Report Sends Markets Reeling

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.

Comment  | 
Print  | 
More Insights
The Agile Archive
The Agile Archive
When it comes to managing data, donít look at backup and archiving systems as burdens and cost centers. A well-designed archive can enhance data protection and restores, ease search and e-discovery efforts, and save money by intelligently moving data from expensive primary storage systems.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Government, May 2014
NIST's cyber-security framework gives critical-infrastructure operators a new tool to assess readiness. But will operators put this voluntary framework to work?
Video
Slideshows
Twitter Feed
Audio Interviews
Archived Audio Interviews
GE is a leader in combining connected devices and advanced analytics in pursuit of practical goals like less downtime, lower operating costs, and higher throughput. At GIO Power & Water, CIO Jim Fowler is part of the team exploring how to apply these techniques to some of the world's essential infrastructure, from power plants to water treatment systems. Join us, and bring your questions, as we talk about what's ahead.