Stocks fall, yields gain after U.S. jobs miss: Markets Wrap
BNN Bloomberg
U.S. stocks fell and Treasury yields gained Friday after weak jobs data upended bets on the Federal Reserve’s policy plans.
U.S. stocks fell and Treasury yields gained Friday after weak jobs data upended bets on the Federal Reserve’s policy plans.
The S&P 500 and Nasdaq 100 declined in turbulent trading as data showed employers added far fewer jobs than anticipated last month. While the report is unlikely to deter the Fed from announcing cutbacks to its bond buying next month, it may remove pressure for the central bank to raise interest rates any time soon.
“We don’t think this derails the Fed from tapering, and with labor markets still somewhat slack, tightening is still a long way away,” said Jay Barry, JPMorgan head of USD government bond strategy.
The 10-year Treasury yield rose to 1.6 per cent. Gold erased a 1.5 per cent advance. And crude oil briefly topped US$80 a barrel in New York for the first time since 2014.
The S&P 500 finished the week higher as stocks struggled for a direction on Friday. The session was marked by high volatility with traders wading in to buy at the market lows.
