Stocks are closing mostly lower Friday after new data on the hot U.S. jobs market suggested the Fed won’t soon rein in its aggressive rate hikes.
The S&P 500 and the Nasdaq fell, while the Dow Jones industrials notched a small gain.
Employers unexpectedly accelerated their hiring last month and added hundreds of thousands more jobs than forecast. While the data suggests the economy may not be in a recession, it also undercuts investor hopes that inflation may be close to peaking. Treasury yields jumped.
The S&P 500 fell 6.75 points, or 0.2%, to 4,145.19.
The Dow Jones Industrial Average rose 76.65 points, or 0.2%, to 32,803.47.
The Nasdaq fell 63.03 points, or 0.5%, to 12,657.55.
The Russell 2000 index of smaller companies rose 15.37 points, or 0.8%, to 1,921.82.
For the week:
The S&P 500 is up 14.90 points, or 0.4%.
The Dow Jones Industrial Average is down 41.66 points, or 0.1%.
The Nasdaq is up 266.87 points, or 2.2%.
The Russell 2000 index of smaller companies is up 36.59 points, or 1.9%.
For the year:
The S&P 500 is down 620.99 points, or 13%.
The Dow is down 3,534.83 points, or 9.7%.
The Nasdaq is down 2,987.42 points, or 19.1%.
The Russell 2000 is down 323.49 points, or 14.4%.