Your Capital Markets Snapshot: Equity Markets Close with a Loss

The equity markets could not hold on to their recent rally and closed with a loss this week. Friday’s better than expected job report pushed two of the major indices into record territory but then profit-taking brought stocks lower to end the week. The February non-farm payroll report beat expectations with an increase of 275,000 jobs, but December’s and January’s numbers were revised lower. The unemployment rate rose to 3.9%, the highest level in 2 years while the growth rate for average hourly earnings fell to 0.1%, down from 0.5% in January.