Stocks hold steady after feds reveal coronavirus job losses

Stocks hold steady after feds reveal coronavirus job losses

US stocks held steady Friday even after a brutal monthly jobs report gave Wall Street more proof of how hard the coronavirus pandemic has hit the economy.

The Dow Jones industrial average was off just 58.23 points, or 0.2 percent, as of 10:05 a.m. after an opening 0.7 tumble on the heels of the feds’ March jobs report that said the US economy lost 701,000 jobs last month. The number shattered expectations and brought the nation’s nine-year hiring streak to an abrupt end.

The S&P 500 was recently trading roughly flat on the heels of the report, which doesn’t account for the massive virus-related job losses seen at the end of the month. The Nasdaq Composite recovered from an early drop and rose 0.2 percent into the green.

“The optimistic read here is that the market is already toggled for horrendous economic numbers,” Stephen Innes, chief global market strategist at AxiTrader, wrote in a commentary. “In other words, a bleak picture is already in the price.”

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