The US stock market fell on Friday after a strong May jobs data drove rates skyrocketing and shattered hopes for an immediate interest rate drop by the Federal Reserve.
The Dow Jones Industrial Average dropped 88 points, or 0.2%, while the S&P 500 and Nasdaq Composite both declined 0.3%. The yield on the benchmark 10-year Treasury note increased by 13 basis points to 4.41%, its highest level in months.
The jobs report was a primary cause of the market’s drop.
Nonfarm payrolls climbed by 272,000 in May, beating the 190,000 expectation from Dow Jones and April’s 175,000 gain. Last month, average hourly salaries increased by 0.4%, bringing them up 4.1% from the previous year.
Source (CNBC)
