Stocks swung on Friday, closing lower as investors digested the release of the monthly US jobs report to guide the Federal Reserve’s next move on interest rates.
The S&P 500 (^GSPC) was down around 0.3%, while the Dow Jones Industrial Average (^DJI) was down 0.6%. The tech-heavy Nasdaq (^IXIC) led gains earlier in the session but closed lower below the steady level. The three averages also declined for the week.
US government data showed that employers added 209,000 jobs in June, which fell short of expectations but still had a healthy pace of employment growth. The unemployment rate fell to 3.6%.
The stronger-than-expected ADP jobs report on Thursday indicated that the US economy has proven resilient in the face of the Federal Reserve’s anti-inflationary efforts. Together, the data helped boost bets that the Federal Reserve will raise interest rates again at its July meeting.
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