Despite a better-than-expected jobs data, the stock market fell sharply on Friday as investors continued to worry about a slowing of economic growth and experts warned of more market downturns ahead.
Thursday's sell-off extended into Friday.
The S&P 500 lost 1.8% and the tech-laden Nasdaq was down 2.5%.
The Labor Department reported on Friday that the U.S. economy added back 428,000 jobs last month.
The broader market sell-off resumed on Friday, with stocks adding to losses after a brutal wipeout on Thursday, in which the S&P 500 lost 3.6% and the Nasdaq 5%.
The sell-off on Thursday was the market's worst day since 2020 and erased gains from a day earlier, when the Federal Reserve raised rates.
Technology stocks, which have been hard-hit amid the wider sell-off in recent weeks, moved lower again on Friday.
All three major indexes are on track to finish lower this week, extending a bad streak of losses.
With markets spooked by fears of slowing economic growth, investors sold off riskier assets including cryptocurrencies, with the price of Bitcoin falling 9% in the last 24 hours to below $36,000, according to data from Coin Metrics.
John Lynch, chief investment officer at Comerica Wealth Management, says investors need confidence that the Fed won't raise rates too aggressively and cause the economy to go into recession.
Leon Cooperman told CNBC on Friday that stocks are likely to head lower, and that either the Fed or oil will put us in a recession.
The stock market took a big hit as the post-Fed rally faded.
The US added 428,000 jobs in April.
After the Federal Reserve Hikes Interest Rates, the DOW jumps 900 points.
There are technical points that point to more stock market gains.
All Rights Reserved © 2024
