Stocks slide after strong jobs report diminishes hopes for Fed rate cut this month

markets.businessinsider.com | 7/5/2019 | Staff
gracey_single (Posted by) Level 3
Stocks fell on Friday after the strong jobs report lowered expectations for an interest-rate cut from the Federal Reserve this month.

The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite had rallied to all-time highs on Wednesday.

Financials - Sector - S - P - Benchmark

The financials sector of the S&P 500 was the benchmark index's biggest gainer, boosted by a rally in bank stocks.

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Stocks - Record - Levels - Friday - Jobs

US stocks slipped from record levels on Friday after a stronger-than-expected jobs report dimmed expectations that the Federal Reserve will cut interest rates later this month.

All the three major indices had rallied to record highs during a shortened trading session Wednesday ahead of Independence Day.

Friday

Here's how they closed on Friday:

A report from the Labor Department showed that employers added 224,000 nonfarm payrolls in June, rebounding from an unexpectedly weak showing in May.

Gains - Traders - Expectation - Fed - Interest

The robust gains prompted traders to review their expectation that the Fed will cut interest rates to support the economy. According...
(Excerpt) Read more at: markets.businessinsider.com
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