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Indexes drop from record highs, but tally strong weekly gains

Byindianadmin

Feb 8, 2020 #gains, #weekly
Indexes drop from record highs, but tally strong weekly gains

(Reuters) – Wall Street fell from record levels on Friday after a four-day rally as investors digested the monthly U.S. jobs report and braced for the next coronavirus developments, but stocks still posted solid gains for the week.

The S&P 500 recorded its biggest weekly percentage increase in eight months and the Nasdaq tallied its biggest weekly rise in more than a year.

“It’s just a technical pullback based on the big run-up we had this week,” said Matt Maley, chief market strategist at Miller Tabak.

“Ever since the coronavirus became a big deal, people have pulled back a little bit on Friday because they didn’t know what was going to happen over the weekend,” Maley added.

The Labor Department’s closely watched employment report showed non-farm payrolls increased by 225,000 jobs last month, while economists polled by Reuters had forecast payrolls would rise by 160,000 jobs.

The report followed other encour

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