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 October 6, 2017 - 4:30 PM EDT
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S&P, Dow End Streaks, NASDAQ Points to Record
S&P, Dow End Streaks, NASDAQ Points to Record

U.S. stocks closed mostly lower on Friday after data showed the labor market experienced its first contraction in seven years.

The Dow Jones Industrials came to within a whisker of breakeven, just falling short 1.72 points from Thursday's record, to 22,773.67, to close the week, with Chevron and Boeing contributing the most to the losses.

The S&P 500 retreated 2.74 points from Thursday's all-time record to 2,549.33, with consumer staples and telecommunications leading decliners. The index also snapped an eight-day winning streak — its longest in four years — and also ended a streak of six straight record closes, the longest such streak in 20 years.

The NASDAQ moved into the green and added 4.82 points to Thursday's record high, closing day and week at 6,590.18

The U.S. lost 33,000 jobs September due large part to two major hurricanes hitting the country. Last month markets the first time the U.S. labour market contracted since 2010. Economists had forecast a gain of 90,000 jobs.

Yet, despite the weak headline number, average hourly earnings rose to an annualized rate of 2.9%. Hourly earnings are closely watched by investors looking for indications on inflation. The unemployment rate also fell to a 16-year low of 4.2%.

Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.37% from Thursday's 2.35%. Treasury prices and yields move in opposite directions.

Oil prices ditched $1.47 a barrel to $49.32 U.S.

Gold prices regained $4.20 to $1,277.40 U.S. an ounce

Source: Livemoney (October 6, 2017 - 4:30 PM EDT)

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