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Stocks Tumble on Friday, Notching Weekly Losses, as Traders' Rate Hike Rears Return

Stocks finished lower on Friday and notched losses for the week as traders struggled to shake off fears that the Federal Reserve may start hiking rates again later this month.
The S&P 500 lost 0.29% to end at 4,398.95, while the Nasdaq Composite dipped 0.13% to close at 13,660.72. The Dow Jones Industrial Average dropped 187.38 points, or 0.55%, to settle at 33,734.88.
All three major averages capped a losing week. The S&P dropped 1.16%, while the Nasdaq declined 0.92%. The Dow shed 1.96% for its worst weekly performance since March.
The Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%. Economists polled by Dow Jones had anticipated 240,000 positions added and a similar jobless level.
But parts of the report, including stronger-than-expected wages numbers, heightened fears that the central bank may have reason to resume hiking later this month. Average hourly earnings increased by 0.4% in June and 4.4% from a year ago. Meanwhile, the unemployment rate declined from 3.7% in May.
Source : CNBC
Jul 9, 2023 15:21
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