Wall Street Under Pressure: February NFP Down, Oil Breaks $89
US stocks fell on Friday (March 6), extending their weekly decline, after oil prices surged and the market reacted to an unexpected decline in US job creation data.
The Dow Jones Industrial Average fell 625 points, or 1.3%. The S&P 500 fell 1.1%, while the Nasdaq Composite fell 0.9%.
The Nonfarm Payrolls (NFP) report showed jobs fell by 92,000 in February—contrasting January's downwardly revised 126,000 increase and well below economists' expectations (a Dow Jones survey) of around 50,000 jobs. The unemployment rate also rose to 4.4% from 4.3%.
In energy markets, WTI broke through $89 per barrel, while global Brent traded above $91 per barrel as investors weighed the impact of the US-Iran war on global energy supplies. Oil prices hit a daily high after President Donald Trump wrote in Truth Social that there would be no deal to end the US-Iran war without the Middle Eastern country's "unconditional surrender." (mrv)
Source: Newsmaker.id
