U.S. stocks dropped on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high.
The S&P 500 fell 1.5% Friday. The Dow Jones Industrial Average fell 1.6%, and the Nasdaq composite sank 1.6%.
Stocks took their cue from the bond market, where yields rose to crank up the pressure after a report said U.S. employers hired many more workers last month than economists expected. The strong data could keep upward pressure on inflation and prevent the Federal Reserve from delivering cuts to interest rates.
On Friday:
The S&P 500 fell 91.21 points, or 1.5%, to 5,827.04.
The Dow Jones Industrial Average fell 696.75 points, or 1.6%, to 41,938.45.
The Nasdaq composite fell 317.25 points, or 1.6%, to 19,161.63.
The Russell 2000 index of smaller companies fell 49.73 points, or 2.2%, to 2,189.23.
For the week:
The S&P 500 is down 115.43 points, or 1.9%.
The Dow is down 793.68 points, or 1.9%.
The Nasdaq is down 460.05 points, or 2.3%.
The Russell 2000 is down 79.24 points, or 3.5%.
For the year:
The S&P 500 is down 54.59 points, or 0.9%.
The Dow is down 605.77 points, or 1.4%.
The Nasdaq is down 149.17 points, or 0.8%.
The Russell 2000 is down 40.93 points, or 1.8%.
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