Stocks extended their short-term losses on Wednesday, as they retraced most of last week's Friday's rally. The broad stock market failed to continue its rebound from February 9 low despite technology stocks reaching new record highs.
The robust U.S. jobs report on Friday managed to offset concerns of a trade war, at least for now. The 313,000 additional jobs took economists and markets by surprise as the figure exceeded even the highest expectations of 300,000 noted in a Reuters survey.
Stocks rallied on Friday, as investors reacted to better-than-expected monthly Nonfarm Payrolls number release. The broad stock market retraced its late February move down, while technology stocks reached new record highs.
Wednesday's trading session was overall bullish, as the main stock market indexes closed between -0.3% and +0.3% vs. their Tuesday's closing prices following much lower opening in reaction to Gary Cohn's resignation's news.
The 1.1% surge in the S&P 500, the 336 points rally in the Dow Jones Industrial Average and the strong bounce in European markets on Monday are hard to justify after President Trump announced plans to slap tariffs on steel and aluminum imports last week
The main U.S. stock market indexes were mixed between -0.3% and +1.1% vs. their Thursday's closing prices on Friday, following lower opening of the trading session and an intraday bounce off support levels.