USA: Stocks turn lower as hot jobs data signals aggressive Fed
NEW YORK (AP) — Stocks gave up early gains and turned lower on Wall Street after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases.
The S&P 500 fell 0.5% as of 11:34 a.m. Eastern. It had been up as much as 1% shortly after trading opened. The Dow Jones Industrial Average fell 166 points, or 0.5%, to 32,566 and the Nasdaq fell 0.5%.