U.S. stocks were down sharply Thursday, as investors’ worries took control of the market.
Experts believe that the uncertainty over economic growth are pushing the market lower right now. Worse yet, many see little potential for a quick turnaround that would end this losing streak. Tomorrow’s jobs report will be the next important piece of data for Wall Street to digest.
This morning, Viacom dropped almost 10% with Disney sliding nearly 5% to lead the tumble. Tomorrow’s jobs report could go a long way towards determining market direction in both the short- and medium-term. A moderate number, experts reason, could raise doubts about the timing of an interest rate hike. But should the report yield an impressive number, and unemployment falls to 5.2%, a rate hike could be in order for September. Such timing would likely cause greater fear on an already tense Wall Street.
Here are the final numbers from Thursday on Wall Street:
Dow Jones Industrial Average: 17,419.75 (-120.72)
NASDAQ: 5,056.44 (-83.50)
S&P 500: 2,083.56 (-16.28)