Business USA

Wall Street opens lower after the employment figures

NEW YORK (Reuters) – On Friday Wall Street began falling after the release of employment figures in the United States considered to be disappointing for the month of April.

The Dow started down 0.31% (40.64 points) to 13,165.95 points, prior to step up its losses.

The Standard & Poor’s, wider, opened on the loss of 0.39% (5.48 points) to 1,386.09 points and the Nasdaq composite 0.79% (23.02 points) to 3,000.38 points. The three indices lost between 0.7% and 1.1% after 18 minutes.

The U.S. labor market has created fewer jobs than expected in April, but the unemployment rate stood at its lowest level for over three years, said the Labor Department on Friday.

“Fewer people looked for work, reflecting a negative feeling,” says Ron Florance, chief strategist at Wells Fargo Private Bank in Scottsdale, Arizona.

“There is not much positive to say about these figures but they could throw the cavalry of the Fed.”

LinkedIn earns more than 7%, the professional social network having raised its annual targets following better than expected first quarter.

Estee Lauder lost nearly 4%. The cosmetics group announced a disappointing profit target for the current quarter.

However, GeoEye ahead by 5%. The satellite imaging company offered to buy its rival DigitalGlobe (17.5%) to $ 792 million in cash and securities, creating the largest global fleet of commercial imaging satellites.

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