Tech drives Nasdaq to record finish but Wall Street close mixed on jobs report
The Nasdaq last Friday at a new peak but the other main Wall Street indexes fell, reflecting the mixed sentiment stemming from a disappointing U.S. jobs report which raised fears about the pace of economic recovery but weakened the argument for near-term tapering.
On the final day of trading before the Labor Day weekend, both the S&P 500 and Dow benchmark posted marginal declines, tempering the former's positive weekly performance and extending the latter's run of losses to four in the last five sessions.
For the Nasdaq though, registering a fifth win in the last six sessions and a weekly gain of 1.6%, investors' support of heavyweight technology stocks - which tend to perform better in a low interest-rate environment - continues to drive it higher.
Apple, Alphabet, and Facebook all rose between 0.3% and 0.4%. "Tech has become bullet-proof," said Mike Mullaney, director of global market research at Boston Partners. "It's the anti-covid sector, where you want to be if you think covid or a lack of growth is going to be an issue."
The virus, and its impact on the pace of economic recovery, was evident in the Labor Department's closely-watched report which showed nonfarm payrolls increased by 235,000 jobs in August, widely missing economists' estimate of 750,000. Payrolls had surged 1.05 million in July.
"The number's a big disappointment and it's clear the Delta variant had a negative impact on the labor economy this summer," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.
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