Stocks are on track for steep weekly losses on disappointing jobs report, China trade data
U.S. stocks extended their retreat Friday, on track for sharp weekly losses, after a disappointing jobs report and a slump in Chinese exports added to concerns about slowing global growth.
China’s news adds to concerns about global growth. Investors are still reeling from a more dovish-than-expected European Central Bank, which announced new measures to support a slowing economy on Thursday.Other data on Friday showed German manufacturing orders fell sharply in January, though December data was raised.
“Job weakness was concentrated in construction and hospitality sectors, which are very dependent on the weather,” he said. “That has contributed to this number being screwy. “ Which stocks are in focus? Amid widespread pressure on energy stocks, shares of Exxon Mobil Corp. XOM, -1.67% were among the Dow’s biggest losers, falling 1.8% after being downgraded by Cowen to market perform from outperform.
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