The U.S. labor market is showing more signs of recovery.
 | FRI, SEP 04, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 120.96 | +0.08 | +0.07% | | MSFT | 214.25 | -3.05 | -1.40% | | INTC | 50.08 | -0.31 | -0.62% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 120.96 | +0.08 | +0.07% | | BAC | 26.54 | +0.88 | +3.43% | | GE | 6.42 | +0.10 | +1.58% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 120.96 | +0.08 | +0.07% | | TSLA | 418.32 | +11.32 | +2.78% | | AMD | 82.01 | -0.53 | -0.64% | |
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The U.S. labor market is showing more signs of recovery. Data released Friday showed the U.S. unemployment rate dropped to 8.4% in August, by far its lowest level since the coronavirus pandemic led to an economic shutdown. That was better than a Dow Jones estimate of 9.8%. "This was an impressive report and once again showed the economy remained quite resilient," said Ryan Detrick, chief market strategist at LPL Financial. "But 8% unemployment is 8% unemployment, so let's not get too excited, but we'll still take this improving trend in the employment picture."  As for overall employment creation, the U.S. economy added 1.37 million jobs. Economists expected a gain of 1.32 million, according to Dow Jones. But the better-than-expected jobs data failed to lift market sentiment as tech shares took another big hit to end the week. Facebook and Amazon were both down more than 2% while Netflix and Alphabet dropped 1.8% and 2.9%, respectively. Those losses led the S&P 500 and Nasdaq to snap their respective five-week winning streaks. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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