Reported about 13 hours ago
The US stock market experienced significant downturns on Friday as the latest jobs report revealed strong hiring figures, prompting concerns over potential prolonged high interest rates. The Dow Jones fell by approximately 1.6%, wiping out all year-to-date gains, while the S&P 500 and Nasdaq also saw similar declines. Despite a healthy addition of over 250,000 jobs in December and a decrease in the unemployment rate to 4.1%, investor sentiment was dampened by rising inflation expectations and the Federal Reserve's cautious approach towards interest rate cuts.
Source: YAHOO