Stocks closed lower after reports suggested the U.S. job market remains much more resilient than expected.
The S&P 500 fell 0.8 percent Thursday. The Dow lost 366 points, or 1.1 percent, and the Nasdaq fell 0.8 percent.
While a sturdy labor market keeps the economy out of a long-expected recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation. That in turn could mean more pressure down the line on the economy and financial markets. Treasury yields jumped as traders increasingly bet on rates staying higher for longer.
On Thursday:
The S&P 500 fell 35.23 points, or 0.8 percent, to 4,411.59.
The Dow Jones Industrial Average fell 366.38 points, or 1.1 percent, to 33,922.26.
The Nasdaq composite fell 112.61 points, or 0.8 percent, to 13,679.04.
The Russell 2000 index of smaller companies fell 30.67 points, or 1.6 percent, to 1,842.23.
For the week:
The S&P 500 is down 38.79 points, or 0.9 percent.
The Dow is down 485.34 points, or 1.4 percent.
The Nasdaq is down 108.88 points, or 0.8 percent.
The Russell 2000 is down 46.50 points, or 2.5 percent.
For the year:
The S&P 500 is up 572.09 points, or 14.9 percent.
The Dow is up 775.01 points, or 2.3 percent.
The Nasdaq is up 3,212.56 points, or 30.7 percent.
The Russell 2000 is up 80.99 points, or 4.6 percent.
