The main indices on Wall Street fell at the open yesterday, after the strong jobs report exacerbated concerns that interest rates may remain high for a long period.
The Dow Jones Industrial Average fell 78.87 points, or 0.24%, to 33,040.70 points.
The Standard & Poor’s 500 index opened down 23.40 points, or 0.55%, to 4,234.79 points. The Nasdaq index also fell 92.16 points, or 0.70%, to 13,127.68 points.
US job growth increased in September, indicating that the labor market remains strong enough to prompt the Federal Reserve to raise interest rates again this year, even though wage growth is moderating.
The US Department of Labor said in its jobs report that non-farm payrolls increased by 336,000 jobs last month, and August data was revised upward to show the addition of 227,000 jobs instead of the previous 187,000. Economists polled by Reuters had expected jobs to increase by 170,000.
Estimates ranged between 90,000 and 256,000. The unemployment rate remained unchanged at an 18-month high of 3.8%. European stocks rose during trading, and the European STOXX 600 index rose 0.4%, recording an increase for the second session in a row.
2023-10-06 22:04:07
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