Wall Street swings sharply amid worries about rates, economy

Wall StreetNEW YORK (AP) — Stocks are swinging sharply on Friday. The S&P 500 was 1% lower in afternoon trading but only after careening from a steep morning loss to a brief, small gain.

Wall Street is struggling with how to interpret a strong U.S. jobs report amid worries the Federal Reserve may cause a recession in its drive to halt inflation.

The swings were even wilder earlier this week, as all kinds of markets from bonds to cryptocurrencies grapple with a new market order where the Federal Reserve is aggressively moving to yank supports for the economy put in place through the pandemic.

Categories: National News