Stock Market Today: Stocks Stabilize After Jobs Report Jolt

the November activity report dealt a heavy blow to stocks today, with data from the Labor Department suggesting the Federal Reserve is far from over its efforts to slow the economy. Overall, the US added a higher-than-expected 263,000 jobs in November, while the unemployment rate remained at 3.7% and average hourly wages rose 5.1%. – year. The stock was down sharply at first on the news, but the end of the day wasn’t as bad as it started.

“Investors are focused on long-term inflation and fear that the Federal Reserve’s rate hikes and balance sheet reductions will cause inflation to decline. economictherefore today’s news that the private sector’s hourly earnings increased by 0.6%, which exceeded the 0.3% expected, is a painful interruption during what was an impressive recovery at the end of the fourth quarter, “said José Torres , senior economist at Interactive Brokers. Fed Chairman Jerome Powell means that labor market weakness is required to moderate inflation for decades.”

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