Stocks mixed, yields fly as jobs data raises rate outlook
NEW YORK (AP) — Stock indexes ended mixed and Treasury yields jumped Friday as Wall Street’s expectations rise that the Federal Reserve may soon start raising interest rates sharply.
The Labor Department said employers added 467,000 jobs last month, triple economists’ expectations.
The stronger-than-expected data seems to lock in the Fed’s pivot toward fighting inflation by making moves that would ultimately act as a drag on markets.
The S&P 500 climbed 0.5%, even though more stocks fell than rose in the index. T
he index got a boost from Amazon, which leaped 13.5% following a strong earnings report.
The Dow Jones Industrial Average slipped 0.1%.