Rally hits wall of hot jobs, cold earnings
NEW YORK • Wall Street’s big rally to start the year wilted Friday after a surprisingly strong jobs report fueled worries about inflation and higher interest rates.
The S&P 500 fell 1% for its first drop in four days, though it took an up-anddown route to get there. The bond market was more decisive in thinking the strong jobs data could push the Federal Reserve to stay firmer than expected on high interest rates, which hurt the economy and markets.
The Dow Jones Industrial Average dropped 127 points, or 0.4%, while the Nasdaq composite sank 1.6%.
Late Thursday, several Big Tech companies reported weaker profit for the latest quarter than analysts had expected.
BUSINESS
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2023-02-04T08:00:00.0000000Z
2023-02-04T08:00:00.0000000Z
https://daily.gazette.com/article/281801403112579
The Gazette, Colorado Springs