NEW YORK (Sputnik) – Wall Street closed higher on Friday after a strong US jobs report for February snapped a three-day selloff on equity markets, even as tech stocks posted a third straight weekly loss.
The Dow Jones Industrial Average, the S&P 500 and Nasdaq Composite indices rose by an average of 1.8 percent each, after the US Labor Department reported a growth of 379,000 jobs for February versus forecasts for an expansion of 182,000 jobs.
Despite rallying 1.6 percent on Friday, Nasdaq, which includes stocks of tech giants such as Facebook, Apple, Amazon, Netflix and Google, lost 2.1 percent on the week, extended last week’s loss of nearly 5 percent and the previous week’s decline of 1.6 percent.
The Dow index, the broadest gauge of the New York Stock Exchange, rose 1.9 percent on the day and 1.8 percent on the week. Year-to-date, the Dow is up almost 3 percent.
The S&P 500, a barometer for the top 500 US stocks, closed up 2.0 percent for Friday while gaining 0.8 percent on the week. Year-to-date, the S&P is up 2.3 percent.