Wall Street’s rally hit a wall after a surprisingly strong jobs report fueled worries about inflation and higher interest rates.
The S&P 500 fell 1% Friday, its first drop in four days, though it took an up-and-down route to get there. The bond market was more decisive in thinking the strong jobs data may push the Federal Reserve to get firmer on high interest rates, which hurt the economy and markets. Treasury yields zoomed higher.
Tech stocks also weighed on the market following profit reports that were weaker than expected.
On Friday:
The S&P 500 fell 43.28 points, or 1%, to 4,136.48.
The Dow Jones Industrial Average fell 127.93 points, or 0.4%, to 33,926.01.
The Nasdaq composite fell 193.86 points, or 1.6%, to 12,006.95.
The Russell 2000 index of smaller companies fell 15.69 points, or 0.8%, to 1,985.53.
For the week:
The S&P 500 is up 65.92 points, or 1.6%.
The Dow is down 52.07 points, or 0.2%.
The Nasdaq is up 385.24 points, or 3.3%.
The Russell 2000 is up 74.08 points, or 3.9%.
For the year:
The S&P 500 is up 296.98 points, or 7.7%.
The Dow is up 778.76 points, or 2.3%.
The Nasdaq is up 1,540.47 points, or 14.7%.
The Russell 2000 is up 224.29 points, or 12.7%.
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