USA share indexes tumble as trade tensions continue following turbulent week

Dow extends deep losses triggered by uncertainty on U.S.-China trade deal

Dow extends deep losses triggered by uncertainty on U.S.-China trade deal

The Labor Department said USA employers added 155,000 jobs in November, a slowdown from recent months but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market.

The Dow Jones Industrial Average fell 530.51 points to 24,417.16, the S&P 500 lost 56.59 points percent, to 2,639.36 and the Nasdaq Composite dropped 185.77 points to 7,002.49. "So what the market is doing is repricing stocks, particularly those that have performed extraordinarily well, to a lower growth rate".

Energy shares fell 0.6 per cent, supported by rising oil prices as Saudi Arabia and other producers in OPEC, as well as allies like Russian Federation, agreed to reduce output to drain global fuel inventories and support the market.

Traders also fear that a prolonged trade dispute between the US and China could slow the global economy and crimp corporate profits. Those worries took a turn for the worse this week with the US -ordered arrest of a senior Chinese technology executive.

Major US stock indices slumped more than 2% on closing to conclude a bruising week for markets which have been rattled by the US-China trade clash.

For the week, the Dow Jones was down 6%, the S&P 500 was down 5.9% and the Nasdaq Composite was down 6.6%.

US stocks fell sharply Friday, erasing an early gain, as the market closed in on its third weekly decline in four weeks. Energy companies led the gainers as crude oil prices rose on news that OPEC members will elect to cut production. Anadarko Petroleum rose 3.4 percent.

The Dow and the S&P were down more than 1.5 percent, tracking 0.4 percent losses for the year despite coming well off their session lows.

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United States share indexes fell by more than 2% on Friday, as uncertainty continued to roil financial markets.

In small caps, the Russell 2000 closed at 1,450.12 for a loss of -27.29 points or -1.85%.

Bond prices rose, sending yields slightly lower.

Stocks are edging higher in the early going on Wall Street as trading settles down following a wild ride the day before. Brent crude, used to price global oils, gained 4.7 per cent to $62.87 a barrel in London. Silver climbed 1.3 per cent to $14.70 an ounce. Retailers and other consumer-focused companies, banks and industrial stocks also took heavy losses.

Tobacco company Altria, which makes Marlboro cigarettes, rose 1.3 percent after announcing a $2.4 billion investment in Cronos Group, a Canadian medical and recreational marijuana company.

"In particular, while both the S&P 500 and US Treasury yields have started to drop a little sooner than we had previously anticipated, we still suspect that both have much further to fall in 2019", they said.

Apple Inc AAPL.O fell 3.1 percent and was the biggest drag on the S&P and the Nasdaq, while trade bellwether Boeing Co's BA.N 6.6 percent decline weighed the most on the Dow.

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