US stocks sink af­ter dis­mal May jobs re­port

Pakistan Observer - - ECONOMY WATCH -

NEW YORK—US stocks fell in early trade Fri­day af­ter a dis­mal May jobs re­port vir­tu­ally elim­i­nated chances of an in­ter­est rate hike by the Fed­eral Re­serve this month and pos­si­bly July. Bank shares fell sharply, with Cit­i­group drop­ping 5.1 per­cent and Bank of Amer­ica 4.7 per­cent, as the prospects for lower rates longer is ex­pected to hit lend­ing margins.

Af­ter 60 min­utes of trade (1430 GMT), the Dow Jones In­dus­trial Av­er­age was down 0.8 per­cent at 17,703.72. The broad-mar­ket S&P 500 lost 0.9 per­cent at 2,087.11, while the tech­heavy Nas­daq Com­pos­ite fell 1.1 per­cent to 4,914.69. The US econ­omy added a pal­try 38,000 jobs last month, the La­bor Depart­ment said, the low­est num­ber in nearly six years and one-quar­ter of what economists had fore­cast.—AFP

KARACHI: JS In­vest­ments mu­tual fund JS Cap­i­tal Pro­tected Fund V Ini­tial Pub­lic Of­fer­ing pe­riod has started from 30 May 2016 to 6 June 2016. The launch cer­e­mony was held at JS In­vest­ments of­fice.

KARACHI: GE and En­gro sign Dig­i­tal In­dus­trial Al­liance to ac­cel­er­ate the trans­for­ma­tion of in­dus­tries. Khalid Si­raj Sub­hani CEO En­gro Cor­po­ra­tion sign­ing the MoU with GE rep­re­sen­ta­tive.

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