Stocks lose more ground on fears a recession may be looming
By STAN CHOE and ALEX VEIGA
AP Business Writers
NEW YORK (AP) – Wall Street lost more ground on worries that a still-strong U.S jobs market may actually make a recession more likely.
The S&P 500 fell 2.8% Friday after the government said employers hired more workers last month than expected.
The Dow Jones Industrial Average and the Nasdaq also fell sharply, and Treasury yields rose. Markets are worried the Federal Reserve could see the jobs report as proof the economy hasn’t slowed enough yet to get inflation under control.
That could clear the way for continued, aggressive hikes to interest rates, something that risks causing a recession if done too severely.