Trader Leon Montana works on the floor of the New York Stock Exchange stocks NYSE worry
US stocks closed mixed on Friday after November’s job report clocked in above economists’ expectations.
The Dow reversed higher as the Fed is still largely expected to slow its pace of rate hikes.
But the hot jobs data could push the Fed to tack on more rate hikes in early 2023, some analysts say.
US stocks closed mixed in volatile trade on Friday after the strong November jobs report triggered an early sell-off on fears the Federal Reserve will have to stay hawkish.
The addition of 263,000 jobs last month topped forecasts for 200,000, suggesting the central bank faces a longer battle against inflation. But the Dow Jones Industrial Average turned positive while the S&P 500 and Nasdaq pared losses sharply, as analysts raised doubts that the data point would be enough to change the direction of rates.
JPMorgan Asset Management chief strategist David Kelly said the jobs report was likely distorted,…
This article was written by [email protected] (Jennifer Sor) and originally published on markets.businessinsider.com