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Indexes fall off record highs

Video Credit: Reuters Studio - Duration: 01:11s - Published < > Embed
Indexes fall off record highs

Indexes fall off record highs

Wall Street pulled back from record levels Friday after a four-day rally as investors digested a report showing U.S. job growth accelerated last month and braced for the next developments involving the coronavirus spread out of China.

Fred Katayama reports.


Indexes fall off record highs

Stocks on Wall Street snapped a four-day winning streak Friday, pulling back from record highs.

The Nasdaq and S&P 500 lost a half percent.

But for the week, the three main indexes scored hefty gains exceeding 3 percent.

Investors booked profit after the monthly jobs report came out.

It showed that while jobs growth accelerated in January, gains for some previous months were downwardly revised.

That suggests job growth could significantly slow down this year.

Runnymede Capital Management research director, Chris Wang: SOUNDBITE: RUNNYMEDE CAPITAL MANAGEMENT RESEARCH DIRECTOR, CHRIS WANG (ENGLISH) SAYING: "The economy's doing well.

The jobs report was very strong.

I think the market is taking a breather because it had hit new highs, and also, it's kind of contemplating what the Fed will do next." Back on Wall Street, shares of Take-Two Interactive dropped.

Quarterly revenue at the publisher of videogames like "Grand Theft Auto" and "Red Dead Redemption" missed analysts estimates.

Investors drove up shares of Uber.

The money-losing ride-hailing company moved up by one year a target that measures profitability.

AbbVie shares advanced.

The drugmaker's 2020 earnings forecast topped Wall Street estimates.

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