Wall Street lost more ground on worries that a still-strong U.S jobs market may actually make a recession more likely.
The S&P 500 fell 2.8% Friday after the government said employers hired more workers last month than expected. The Dow Jones Industrial Average and the Nasdaq also fell sharply, and Treasury yields rose.
Markets are worried the Federal Reserve could see the jobs report as proof the economy hasn’t slowed enough yet to get inflation under control. That could clear the way for continued, aggressive hikes to interest rates, something that risks causing a recession if done too severely.
On Friday:
The S&P 500 fell 104.86 points, or 2.8%, to 3,639.66.
The Dow Jones Industrial Average fell 630.15 points, or 2.1%, to 29,296.79.
The Nasdaq fell 420.91 points, or 3.8%, to 10,652.40.
The Russell 2000 index of smaller companies fell 50.36 points, or 2.9%, to 1,702.15.
For the week:
The S&P 500 is up 54.04 points, or 1.5%.
The Dow is up 571.28 points, or 2%.
The Nasdaq is up 76.79 points, or 0.7%.
The Russell 2000 is up 37.43 points, or 2.2%.
For the year:
The S&P 500 is down 1,126.52 points, or 23.6%.
The Dow is down 7,041.51 points, or 19.4%.
The Nasdaq is down 4,992.57 points, or 31.9%.
The Russell 2000 is down 543.16 points, or 24.2%.
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