Dow drops, but solid week | Big January job gains | Uber's best day ever
EDITOR'S NOTE
As the stock market continues to hover near record highs, the U.S. economy continues to generate jobs at an unexpected pace.
Nonfarm payrolls surged 225,000 in January, well above Wall Street estimates for a 158,000 gain. What's more, the workforce participation rate rose 0.2 percentage point to 63.4%, matching its highest level since June 2013.
The education and health services sector generated most of the jobs in January, followed by construction, writes CNBC's Thomas Franck. Hiring got a boost from unseasonably warm weather.
All of the major indexes finished the week with gains as the market recovered from coronavirus impacts, but stocks were down Friday despite the solid jobs numbers.
By no means is the coronavirus scare over for markets.
"The challenge for investors is they're in this foggy place where all the economic data that's coming in is pre-coronavirus," said Tom Hainlin of Ascent Private Capital Management. "So there's nothing really materially to grab on to in terms of the data."
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