S&P and Dow fall on strong jobs data
The Standard & Poor's 500 and Dow Jones indices declined after the release of the US jobs report, which came in stronger than expected. The economy added 162,000 jobs in August compared to an anticipated increase of 56,000 jobs, while the unemployment rate remained steady at 4.1%. This led to an increased likelihood of the Federal Reserve raising interest rates at its September meeting, from about 55% to 65%. As investor expectations rose, stock prices generally fell, with the utilities sector being the only one to rise, while tech and credit reporting stocks declined. The market is now awaiting upcoming inflation data, which will influence the decision on the next rate hikes.
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