Financial markets tanked after a stronger-than-expected U.S. jobs report, setting the stage for a Federal Reserve rate increase sooner than investors may have been expecting.
The broad S&P 500 fell 2.6% to close near 7,384, while the Dow Jones Industrial Average gave back nearly 700 points, or 1.4%. The tech-heavy Nasdaq Composite sank 4.2%, more than 1,100 points, to close near 25,709.
The benchmark U.S. 10-year note, meanwhile, was nearly 7 basis points higher, near 4.551%. Bond yields, or interest rates, move in the opposite direction as prices, and investors sell bonds in higher-inflation environments.
U.S. employers added 172,000 jobs in May, and reports from the previous two months were revised up to show a gain of 93,000 more jobs than previously estimated, the Labor Department said Friday.
A strong economy and rising prices will probably lead to a Federal Reserve rate hike sooner than later, several ******* ysts said in the wake of the jobs report.
The broad S&P 500 fell 2.6% to close near 7,384, while the Dow Jones Industrial Average gave back nearly 700 points, or 1.4%. The tech-heavy Nasdaq Composite sank 4.2%, more than 1,100 points, to close near 25,709.
The benchmark U.S. 10-year note, meanwhile, was nearly 7 basis points higher, near 4.551%. Bond yields, or interest rates, move in the opposite direction as prices, and investors sell bonds in higher-inflation environments.
U.S. employers added 172,000 jobs in May, and reports from the previous two months were revised up to show a gain of 93,000 more jobs than previously estimated, the Labor Department said Friday.
A strong economy and rising prices will probably lead to a Federal Reserve rate hike sooner than later, several ******* ysts said in the wake of the jobs report.
2 hours ago
