New York (AFP)

The New York Stock Exchange ended in the red Friday after a start of the sawtooth session, the worse than expected figures on American employment relegating to the background the oil rebound.

Its flagship index, the Dow Jones Industrial Average, lost 1.69% to finish at 21,052.53 points while the Nasdaq, with its strong technological coloring, fell 1.53% to 7,373.08 points, and the 1.51% S&P 500 broader index, at 2,488.61 points.

Market players were taken aback by official statistics on American employment, the first reflection of the devastating effects of the health crisis which has paralyzed a good part of the world economy for several weeks.

The unemployment rate, which had fallen in February to 3.5%, the lowest level in 50 years, has suddenly risen to 4.4%.

Some 701,000 jobs were destroyed over the month, unheard of since March 2009, in the midst of a financial crisis.

And the addition should get heavier since the report does not include the last two weeks, which have seen nearly 10 million new unemployed claimants.

"The figures for weekly unemployment benefit claims (released Thursday) were already impressive. But the monthly job report surprised the market even more since it suggests that the layoffs took place even sooner than expected," notes Quincy Krosby of Prudential Financial. "The question now is to assess the severity and extent of the recession and whether the market has really taken all the bad news into account," she adds. "If this is not the case, we could experience a new downward movement," predicts the specialist.

Over the week, the Dow Jones lost 2.7%, the Nasdaq 1.7% and the S&P 500 2.1%. But the three indexes had climbed enormously the previous week, the Dow Jones recording its largest weekly increase since 1931.

The indices however tried Friday at the start of the session to make resistance, thanks to the rebound in black gold prices.

WTI crude in New York, which fell earlier this week to its lowest level since 2002, gained 12% Friday after skyrocketing 25% the previous day, investors hoping that a meeting scheduled for Monday 'Opep + results in a reduction in production.

What reassure a little many companies in the sector in the United States, the world's largest oil producers, hit hard by the fall in prices.

"If prices remain too low, there could be significant collateral damage in areas where shale oil production is high, such as in Texas, particularly in employment," said Krosby.

On the bond market, the 10-year rate on the American debt rose slightly, and moved to 0.6010% around 8:30 p.m. GMT against 0.5970% on Thursday at the close.

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