US stocks fell and Treasury yields rose Friday after the government reported that employers unexpectedly added 162,000 jobs last month, a development that could increase chances that the central bank will raise interest rates later this month.
- The Dow fell 271.86 points, or 0.5%, to 53,414.25, ending the week down 0.3%.
- The S&P 500 fell 29.11 points, or 0.4%, to 7,718.60, closing out the week 0.1% higher.
- The Nasdaq fell 77.07 points, or 0.3%, to 26,506.99, up 0.4% for the week.
Wall Street expects the Federal Reserve to raise interest rates before the year ends in an effort to cool inflation, which has been running hot due to rising oil prices during the US war with Iran and remains well above 3%, the AP reports. The Fed has a stated goal of cooling inflation to a target of 2%. The surprise increase in hiring last month could give the central bank's policymakers leeway to raise the Fed's benchmark short-term interest rate to fight inflation at their next policy meeting in less than two weeks. "Today's jobs report does lean toward the Fed increasing rates," said Terry Sandven of US Bank Asset Management Group, noting, however, that a rate hike is "not a foregone conclusion."
Meanwhile, gains in technology stocks helped limit declines in other sectors Friday. Nvidia rose 0.8%, Advanced Micro Devices added 4.7%, Sandisk jumped 11.9%, and Micron Technology gained 6.1%. Lululemon Athletica sank 17.4%, the biggest decline among S&P 500 stocks, after the retailer reported quarterly revenue that fell short of analysts' estimates and lowered its fiscal full-year outlook again. The price of Brent crude, the international standard, rose 0.8% to settle at $96.28 a barrel. Benchmark US crude rose 0.2% to settle at $91.48 a barrel. For the week, they are up 9.2% and 9.7%, respectively. US gasoline prices will be higher this weekend than they have ever been at this time of year, according to AAA.
,
uBlock 
,
and
Ghostery 
)
