U.S. stocks open sharply lower after stronger-than-expected jobs data


Correction: An earlier version of this report incorrectly said stocks opened lower after inflation data. It has been corrected.

U.S. stock indexes opened lower on Friday after the November jobs report shows a sign of continued strength in the labor market, raising concerns that the Federal Reserve’s policy will remain tighter for longer. The U.S. created a robust 263,000 new jobs in November, a historically strong pace of hiring that threatens to prolong a bout of high U.S. inflation. The unemployment rate held at 3.7%, while the average hourly earnings rose twice as much as forecast. The S&P 500 SPX, -0.79% lost 1%, while the Dow Jones Industrial Average DJIA, -0.55% declined 0.7% and the Nasdaq Composite COMP, -1.01% dropped 1.3%. The policy sensitive 2-year Treasury yields jumped to 4.364% from 4.254% on Thursday.

This article was originally published by Marketwatch.com. Read the original article here.

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