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Dow Falls 269 Points as Market Digests Jobs Report

But Nasdaq hit a new record high
By Newser Editors and Wire Services
Posted Sep 7, 2021 3:51 PM CDT
Dow Falls 269 Points as Market Digests Jobs Report
Pedestrians pass the New York Stock Exchange.   (AP Photo/John Minchillo, File)

(Newser) – Stocks closed mostly lower on Wall Street Tuesday as traders returned from the Labor Day holiday, even as gains for some Big Tech companies nudged the Nasdaq composite barely higher. The benchmark S&P 500 slipped 0.3%. Meanwhile gains for Apple, Facebook, and a few other tech heavyweights nudged the Nasdaq up just under 0.1%, enough for another record high. The yield on the 10-year Treasury note climbed to 1.37%, which helped lift bank stocks like Bank of America and JPMorgan Chase. The S&P 500 fell 15.40 points, to 4,520.03. The Dow Jones Industrial Average fell 269.09 points, or 0.8%, to 35,100. The Nasdaq rose 10.81 points to 15,374.33. Industrial and health care stocks were the biggest drag on the market and roughly 75% of companies in the benchmark S&P 500 fell.

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Traders are back from their summer holidays, and volatility is expected to pick up in the coming days and weeks the AP reports. The market had only a mild negative reaction to the August jobs report, which showed employers hired fewer workers than expected. The report came out Friday, just ahead of the Monday expiration of extended unemployment benefits, which had been in place since March 2020. "We’re still kind of digesting Friday's weak job number and the potential impact that might have with the economy," said Ryan Detrick, chief market strategist for LPL Financial. "The economy has been showing signs of weakening and we're seeing a clear impact from the delta variant seeping into economic data."

(Read more stock market stories.)

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