Stocks fell Friday after rates spiked due to a much hotter-than-expected jobs data, which is likely to signal that the Federal Reserve will end its rate-cutting campaign.
336 points, or 0.8%, were taken off the Dow Jones Industrial Average. 0.8% was lost by the S&P 500.
Nasdaq Composite saw a 1% decline. In contrast to the 155,000 gain that analysts surveyed by Dow Jones predicted, U.S. payrolls increased by 256,000 in December.
Throughout the month, the unemployment rate dropped to 4.1% from its forecasted 4.2%. The 10-year Treasury note yield surged to its highest level since late 2023 on the report.
Source (CNBC)
