After moving sharply lower early in the session, stocks continue to see significant weakness in afternoon trading on Wednesday. The major averages have all moved to the downside after closing mixed in each of the two previous sessions.
The March jobs report showed the US economy added 303,000 positions and the unemployment rate fell to 3.8%. That far surpasses expectations for 205,000 jobs to be added and underscores the ongoing resilience of the US labor market.
As General Electric (GE) completes its US$191.9bil breakup, bullish investors are betting it will defy the lacklustre share price performance that has followed many corporate spinoffs over the last few decades.