Dow tumbles more than 500 points following blowout jobs report
CNN
US stocks fell Friday after the December jobs report showed another month of strong employment, complicating the Federal Reserve’s rate-cutting campaign.
US stocks fell Friday after the December jobs report showed another month of strong employment, complicating the Federal Reserve’s rate-cutting campaign. The Dow dropped by more than 550 points, or 1.3%; while the S&P 500 fell by 1.4% and the tech-heavy Nasdaq index was lower by 1.75%. The selloff comes as the economy added 256,000 jobs in December, far outpacing expectations of around 153,000 jobs. While strong job growth signals a healthy economy, it raises the question of how soon the central bank needs to cut interest rates again. Traders now expect just a 2.7% chance the Fed will cut rates at its policy meeting later this month, according to the CME FedWatch Tool. Additionally, President-elect Donald Trump’s proposed tariff policies, including reports of declaring a national economic emergency to impose widespread tariffs, has spooked investors, sending bond yields surging. The yield on the 10-year US treasury spiked to 4.725%, its highest point since fall 2023.
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