Stock indexes closing lower as jobs data sparks uncertainty | National News
Wall Street capped a wobbly day of trading with a broad slide for stocks Friday, after a weak jobs report raised questions about the Federal Reserve’s timeline to pare back its immense support for markets.
The S&P 500 fell 0.2% after wavering between small gains and losses for much of the day. The modest drop snapped a three-day winning streak for the benchmark index. Even so, it managed a 0.8% gain for the week, less than half of the index’s loss last week.
Wall Street reacted with uncertainty and disappointment to the highly anticipated September jobs report. U.S. stocks moved up and down throughout the day, as did Treasury yields.
The yield on the 10-year Treasury climbed to 1.60% from 1.57% late Thursday after initially dropping to 1.56% immediately following the jobs report’s release.
Small company stocks fell more than the broader market. The Russell 2000 index dropped 17 points, or 0.8%, to 2,233.09.
Much of Wall Street assumed the job market had improved enough for the Fed to soon begin paring back its monthly purchases of bonds meant to hold down longer-term interest rates. Investors had also pegged the central bank to begin lifting short-term interest rates late next year. Current super-low interest rates have been one of the main forces driving stocks to record heights.