Wall Street Falls as Jobs Data Suggests Fed Hikes Not Over
NEW YORK—Stock indexes closed mostly lower Friday after a roller-coaster day following a strong report on the U.S. jobs market that offered both good and bad news for Wall Street.
The benchmark S&P 500 ended just 0.2 percent lower after recovering from an early slide as investors reacted to the report, which showed that U.S. employers unexpectedly added hundreds of thousands more jobs than forecast last month.
The blistering data suggests the economy may not be in a recession, as feared. But it also undercuts investors’ speculation that a slowing economy may mean a peak for inflation soon. That means the Federal Reserve may not let up on its aggressive rate hikes to combat inflation as early as hoped. And much of Wall Street still revolves around expectations for rates….
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