- By Julie Young
The Dow Jones Industrial Average closed at 28,133.31 on Friday with a loss of 159.42 points or -0.56%. The S&P 500 closed at 3,426.96 for a loss of 28.10 points or -0.81%. The Nasdaq Composite closed at 11,313.13 for a loss of 144.97 points or -1.27%. The VIX Volatility Index was lower at 30.75 for a loss of 2.85 points or -8.48%.
For the week, the Nasdaq was down 3.3%, the S&P 500 fell 2.3% and the Dow Jones had a return of -1.8%. For the year, the Nasdaq has a gain of 27.7%, the S&P 500 is up 6.07% and the Dow Jones is down 0.86%.
- Warning! GuruFocus has detected 5 Warning Sign with LNC. Click here to check it out.
- LNC 15-Year Financial Data
- The intrinsic value of LNC
- Peter Lynch Chart of LNC
Friday's market movers
U.S. stocks saw another selloff Friday. The major indexes ended lower Friday and for the week. Large-cap technology, semiconductors and consumer discretionary led the losses. Semiconductors were hurt by a reported push from China to build out more business in the sector. The Department of Justice also discussed plans for an antitrust case against Alphabet's Google (NASDAQ:GOOG)(NASDAQ:GOOGL).
U.S. investors appeared to be potentially taking more gains after a run up from March lows. Both the S&P 500 and Nasdaq reported new record highs during the week. The August jobs report was favorable. The Bureau of Labor Statistics announced 1.371 million new payrolls, in line with the estimate of around 1.4 million. Highlights from the jobs report included the following:
- Non-farm payrolls increased by 1.371 million in August, following an increase of 1.734 million and in line with the estimate of 1.400 million.
- The unemployment rate decreased to 8.4% from 10.2%.
- Private nonfarm payrolls increased by 1.027 million, following an increase of 1.481 million.
- Manufacturing payrolls increased by 29,000, following an increase of 41,000.
- Government payrolls increased 344,000 following an increase of 253,000 and beating the estimate of 150,000.
- Average hourly earnings increased 0.4% in August and 4.7% year over year.
- Average weekly hours increased to 34.6 from 34.5.
- The participation rate increased to 61.7% from 61.4%.
The S&P 500 energy sector was down 0.31%. The Baker Hughes oil rig count showed an increase of two rigs in the U.S. for a total of 256. Rigs decreased by two in Canada to 52 and international rigs increased by four to 747.
Across sectors, financials, industrials and materials reported gains. In the S&P 500, the following stocks led gains and losses:
- Lincoln National Corp. (NYSE:LNC) +7.12%
- Capital One Financial (NYSE:COF) +5.83%
- Paypal (NASDAQ:PYPL) -6.41%
- Abiomed (NASDAQ:ABMD) -6.16%
- Paycom Software (NYSE:PAYC) -4.68%
In small caps, the Russell 2000 closed at 1,535.30 for a loss of 9.38 points or -0.61%. The S&P 600 closed at 891.81 for a loss of 4.36 points or -0.49%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,650.24 for a loss of 120.53 points or -1.12%. The Dow Jones U.S. Small-Cap Value Index closed at 7,293.57 for a gain of 51.42 points or 0.71%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,897.86 for a loss of 7.98 points or -0.42%; the S&P 100 at 1,596.10 for a loss of 15.31 points or -0.95%; the Nasdaq 100 at 11,622.13 for a loss of 149.23 points or -1.27%; the Russell 3000 at 1,997.88 for a loss of 16.97 points or -0.84%; the Russell 1000 at 1,900.61 for a loss of 16.41 points or -0.86%; the Wilshire 5000 at 34,930.23 for a loss of 288.95 points or -0.82%; and the Dow Jones U.S. Select Dividend Index at 607.78 for a gain of 2.55 points or 0.42%.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
This article first appeared on GuruFocus.