Wall Street Rally Hits Wall of Hot Jobs, Cold Earnings Data
NEW YORK—Wall Street’s big rally to start the year wilted on Friday after a surprisingly strong jobs report fueled worries about inflation and higher interest rates.
The S&P 500 fell 1 percent for its first drop in four days, though it took an up-and-down route to get there. The bond market was more decisive in thinking the strong jobs data could push the Federal Reserve to stay firmer than expected on high interest rates, which hurt the economy and markets.
The Dow Jones Industrial Average dropped 127 points, or 0.4 percent, while the Nasdaq composite sank 1.6 percent.
The market already looked like it was set to weaken coming into the day, before the jolting jobs report dropped. Late Thursday, several Big Tech companies among Wall Street’s most influential reported weaker profit for the latest quarter than analysts expected….