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George Ma
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Stocks
May 1 09:16

Wall Street is down amid labour stats

U.S. personal spending in March fell by 7.5%
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US stock indices were declining on Thursday after the release of the US labour market data that ended up being worse than expected.

The number of unemployment benefits claims in the U.S. over the past week dropped to 3.8 million, despite prediction of 3.5 million fall. A week earlier, the number of people asking for help was 4.44 million.
In addition, U.S. personal spending in March fell by 7.5%, while income fell by 2.0%, according to the Department of Commerce.
Dow Jones Index dropped 1.29% to 24.315.47 points by 23:52 SGT and S&P 500 went down by 1.09% to 2.907.65 points.
At the same time, Nasdaq Composite index dropped by only 0.42% to 8,876.91 points due to Facebook shares price rise.
Facebook Inc (NASDAQ:FB) shares rose by 5.6%. The day before market closure, the company reported 18% revenue growth in the first quarter instead of 16% expected by the market and reported "signs of stabilization" of sales in April.
Papers of electric car manufacturer Tesla Inc are up 4% as the company reported profits for the third quarter in a row.
Capitalization of McDonald's Corp (NYSE:MCD) fell by 2.2% due to 16.7% drop in the company's profit last quarter.
The price of American Airlines shares (NASDAQ:AAL) fell by 6.5%. The airline reported its first quarterly loss since 2013.