US stock indices recorded mainly declines on Friday after disappointing labor market data, which revealed a drop in employment in the country for the first time in seven years. The blue Dow Jones industrial average index fell by 6 points, while Chevron and Boeing contributed most to the losses.
The broader S & P 500 index shrank 0.1%, with the losers in the primary consumer goods and telecommunications sector. Thus, the index ended the eight-day winning series - the longest four-year series - and a series of six consecutive record-breaking closures, the longest series since 1997.
The Nasdaq composite tech index managed to see a slight increase of 0.07%.
The US labor market has lost 33,000 jobs in September, largely due to the two major hurricanes that hit the country in the month. This is the first drop in US employment since 2010. Economists surveyed by Reuters expected an increase of 90,000 jobs. Despite the decline in employment, average hourly wage increased at an annual rate of 2.9%. The unemployment rate has shrunk to a 16-year low of 4.2 percent. Return on US Treasury bills jumped after data were released. This 10-year paper reached 2.362%, and two-yearly - 1.51%, the highest level since 2008.
"We all knew the report would be confusing for the distortions of hurricanes Harvey and Irma," said Richard Pickirllo, managing director of PGIM Fixed Income, to CNBC. "Despite the distortions, the average hourly wage is rising and unemployment is shrinking, and I think the bond market is reacting to that."
The main US indices recorded strong increases for the week, rising by more than 1%.
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