U.S. stocks fell Friday morning after two days of big gains.
Energy stocks slid as oil resumed its slide after stabilizing for two days. The government reported another strong round of hiring in December that helped push the unemployment rate down to a six-year low. Wage growth, however, remained weak raising concerns that inflation will fall.
Keeping score: The Standard & Poor’s 500 index fell 21 points, or 1.1 percent, to 2,040 as of 11:14 a.m. Eastern. The Dow Jones industrial average dropped 201 points, or 1.1 percent, to 17,708. The Nasdaq composite dropped 49 points, or 1 percent, to 4,687.
Energy: U.S. crude fell $1.43, 2.9 percent, to $47.60 a barrel on the New York Mercantile Exchange. In London, Brent crude fell $1.80, or 3.5 percent, to $49.16 a barrel. A dive in the price of oil earlier in the week triggered a big sell-off in global stock markets. The price of the key commodity has fallen by more than half since June last year as traders try to price in a glut of supply due to increased production.
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Jobs report: The Labor Department reported that employers added 252,000 jobs in December, slightly more than economists expected. The government also said more jobs were added in October and November than it had previously estimated. The unemployment rate dropped to 5.6 percent from 5.8 percent.
Sales miss: Bed Bath & Beyond was the biggest decliner on the S&P 500 after the company said late Thursday that its quarterly sales missed estimates. The company’s stock slumped $6.32, or 8 percent, to $73.13.
Europe: Markets fell in Europe. France’s CAC 40 fell 2.2 percent, Germany’s DAX shed 1.9 percent and Britain’s FTSE 100 lost 1.2 percent.