Investing.com - U.S. stocks fell sharply on Friday after weaker-than-expected U.S. nonfarm payrolls data for March fuelled fears that the recovery in the labor market is losing momentum.
The Department of Labor said the U.S. economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The U.S. unemployment rate ticked down to 7.6% from 7.7% in February.
The data came after disappointing data earlier in the week on manufacturing and service sector activity and private sector job creation and sparked fears that the recent rally in stocks was overdone.
The Dow Jones industrial average fell 0.28% on Friday to finish the week 0.1% lower. The S&P 500 dropped 0.43% and ended the week down 1.0%. The Nasdaq was down 0.66% on Friday, and ended the week 1.9% lower.
In Europe, the benchmark Stoxx Europe 600 was down 1.6% at the close on Friday after data showed that retail sales in the euro zone fell 0.3% in February from the previous month and were 1.4% lower year-on-year.
The weak data underscored concerns over the deteriorating economic outlook for the currency bloc. On Thursday, European Central Bank President Mario Draghi said weak economic activity in the region had extended into the early part of this year, but added that a gradual recovery should take hold in the second half of the year.
Asian markets were broadly lower on Friday, but Japan’s Nikkei rallied 1.6% to finish the week at its highest level since September 2008 after the Bank of Japan announced aggressive new monetary easing measures on Thursday.
Hong Kong’s Hang Seng Index dropped 2.6% to its lowest level since November after China reported six deaths linked to a new strain of bird flu.
Elsewhere, South Korea's Kospi fell 1.6% amid ongoing concerns over escalating military threats against the U.S. and South Korea from North Korea.
The Department of Labor said the U.S. economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The U.S. unemployment rate ticked down to 7.6% from 7.7% in February.
The data came after disappointing data earlier in the week on manufacturing and service sector activity and private sector job creation and sparked fears that the recent rally in stocks was overdone.
The Dow Jones industrial average fell 0.28% on Friday to finish the week 0.1% lower. The S&P 500 dropped 0.43% and ended the week down 1.0%. The Nasdaq was down 0.66% on Friday, and ended the week 1.9% lower.
In Europe, the benchmark Stoxx Europe 600 was down 1.6% at the close on Friday after data showed that retail sales in the euro zone fell 0.3% in February from the previous month and were 1.4% lower year-on-year.
The weak data underscored concerns over the deteriorating economic outlook for the currency bloc. On Thursday, European Central Bank President Mario Draghi said weak economic activity in the region had extended into the early part of this year, but added that a gradual recovery should take hold in the second half of the year.
Asian markets were broadly lower on Friday, but Japan’s Nikkei rallied 1.6% to finish the week at its highest level since September 2008 after the Bank of Japan announced aggressive new monetary easing measures on Thursday.
Hong Kong’s Hang Seng Index dropped 2.6% to its lowest level since November after China reported six deaths linked to a new strain of bird flu.
Elsewhere, South Korea's Kospi fell 1.6% amid ongoing concerns over escalating military threats against the U.S. and South Korea from North Korea.