US Stocks Open Lower After Jobs Report

US stocks opened lower on Monday as Wall Street continued to assess the country’ s February jobs data released Friday.

With no major economic data due out Monday, investors were still digesting Friday’s jobs report. US total nonfarm payroll employment increased by 242,000 in February, well above market expectations, and the unemployment rate was unchanged at 4.9 percent, the US Labor Department announced Friday.

In February, average hourly earnings for all employees on private nonfarm payrolls declined 3 cents to 25.35 US dollars, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent over the year.

Analysts said the upbeat jobs data pointed to a modest recovery in the US economy, and create conditions for the Federal Reserve to gradually raise interest rates this year.

Shortly after the opening bell, the Dow Jones Industrial Average fell 40.34 points, or 0.24 percent, to 16,966.43. The S&P 500 lost 9.14 points, or 0.46 percent, to 1,990.85. The Nasdaq Composite Index was down 25.48 points, or 0.54 percent, to 4,691.55.

On Friday, US stocks ended higher after volatile trading, with all three major indices on a four-day winning streak, as investors digested the upbeat jobs report for indications of the country’ s economic conditions. (PNA/Xinhua) JMC/EBP