US stocks finish first week of year with significant losses

FXStreet (Córdoba) – US stocks finished the day and the week with significant losses, marking the worst opening week of the year in history. Wall Street indexes were weighed down by a combination of a slump in oil prices, geopolitical tensions in the Middle East and turmoil in Chinese markets

The Dow Jones Industrial Average lost 167.65 points, or 1.02%, to 16,346, posting a 6.2% weekly decline. The S&P 500 fell 21.08 points, or 1.08%, to 1,922, closing the week 6% lower, its largest weekly loss since Sept 2011. The Nasdaq Composite dropped 45.80 points, or 0.98%, to 4,643, down 7.3% over the week.

A stronger-than-expected nonfarm payrolls report offered only short-lived relief. On Friday, data showed US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.

US stocks finished the day and the week with significant losses, marking the worst opening week of the year in history. Wall Street indexes were weighed down by a combination of a slump in oil prices, geopolitical tensions in the Middle East and turmoil in Chinese markets

(Market News Provided by FXstreet)