U.S. stocks sank Friday morning after stronger-than-expected jobs data had investors recalibrate expectations around when the Federal Reserve will pause its rate-hiking campaign.
The Labor Department’s monthly jobs report for November showed payrolls grew by 263,000, higher than estimated, while unemployment held at 3.7%. Bloomberg expected a print of 200,000 for the month.
The S&P 500 (^GSPC) tumbled 1.4%, while the Dow Jones Industrial Average (^DJI) fell by 1.1%, or nearly 400 points. The…
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