Wall Street also digested weaker-than-expected jobs data
U.S. stocks lost any lingering momentum they had coming into today's trading, and ended the day in the red, as renewed trade war concerns and disappointing jobs data caught up to the three major indexes. More specifically, the Dow was down 767 points at its intraday low, with all 30 of its components closing in negative territory. The Nasdaq also suffered a triple-digit loss, and the S&P sold off, too, with the major benchmarks erasing their weekly gains.
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The S&P 500 Index (SPX - 2,604.47) lost 58.4 points, or 2.2%. The Nasdaq Composite (IXIC - 6,915.11) suffered a 161.4 point, or 2.3%, loss. The indexes finished the week down 1.4%, and 2.1%, respectively.
The Cboe Volatility Index (VIX - 21.49) gained 2.6 points, or 13.5% for the day, and 7.6% for the week.
There were no earnings of note today.
Data courtesy of Trade-Alert
Escalating trade tensions and a rising U.S. rig count sent oil prices significantly lower. May-dated crude futures closed down $1.48, or 2.3%, at $62.06 per barrel on the day, and shed 4.6% on the week.
The stock market sell-off and a weaker dollar buoyed gold futures today. The June-dated contract added $7.60, or 0.6%, to settle at $1,336.10 per ounce. For the week, gold prices rose 0.9%.