STORY: Wall Street closed lower on Friday, with the S&P 500 and Nasdaq reversing course after touching record highs during the session.
The Dow dipped two-tenths of a percent, the S&P 500 lost nearly seven-tenths and the tech-heavy Nasdaq plunged more than 1%.
Stocks had opened higher after February’s nonfarm payrolls report, which reflected robust job gains, also showed the unemployment rate ticked up to 3.9%, the highest in two years.
This, along with to Federal Reserve Chair Jerome Powell’s congressional testimony earlier in the week, confirmed investors’ expectations that the central bank would likely start cutting rates this year.
But by mid-day, disappointing earnings from a big box retailer and a high-flying chip stock sent the major stock indexes south, explains Anna Rathbun, Chief Investment officer at CBIZ.
“One is Costco, that missed revenue estimates. I love Costco, we all love Costco and everyone’s excited about…
