Dow Jones Industrial Average falls 159 points
The US unemployment rate is falling
The US unemployment rate fell to 8.4% last month from 10.2% in July, the Department of Labor said. Economists polled by Dow Jones expected the rate to drop to 9.8%. In terms of overall job creation, employment in the US rose 1.37 million in August, up from an estimate of 1.32 million. "The job data was solid today," said Jamie Cox, managing partner at Harris Financial Group. "This is where the real work begins, however. The next 2-3% of job gains will be very difficult with no full reopening in sight."
However, the report was not enough to drive markets green.
Banks and Boeing are rising, Apple and Tesla are recovering
JPMorgan Chase and Citigroup both gained 2% as dealers became more powerful names. Boeing also rose 1.4%. Apple closed a little higher after a rally late in the day. Tesla ended the session 2.8% higher after falling 8.6%.
What happens next?
It will be a shortened trading week as US markets close for Labor Day on Monday.
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