Wall St. falls as pummelled US payroll data intensifies fears of a deep recession



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Wall St. falls as pummelled US payroll data intensifies fears of a deep recession

On Friday, the 3rd of April 2020, all three key indices of Wall St. were plunged more than 1.5 per cent after US private payroll data had abruptly wrapped up a record streak of US job growth of 113 months as US businesses had shredded off more than 700,000 jobs last month, bolstering fears of a protracted and deep economic recession.

As a matter of fact, US Labour Department data released on Friday (April 3rd) had captured the economic damages till mid-march before the United States entered in to a partial lockdown and put millions of people out of job, while analysts said the non-farm payroll data had actually tuned up the tone of Wall St.

on Friday (April 3rd). Meanwhile, adding that the investors were bracing for a dramatic downfall in the indices over the coming weeks which US President Donald Trump said would be “very painful,” a chief investment strategist at Janney Montgomery Scott in Philadelphia, Mark Luschini said on Friday (April 3rd), “Even as investors may be bracing for some grim economic reports over the next several weeks, we got a very sober reminder of what is to come by way of today’s jobs report.

” Citing statistics, on Friday’s (April 3rd) Wall St. closure, the trade-sensitive Dow fell by 1.69 per cent to 21,052.53, S&P 500 shed 1.51 per cent to 2,488.65, while the tech-heavy Nasdaq lost 1.53 per cent to round off the day at 7,373.08.