Wall Street Falls on Rate Hike Hopes
Wall Street retreated after the release of the U.S. jobs report for August, which showed an addition of 162,000 jobs—more than the expected 56,000. This data increases the likelihood that the Federal Reserve will raise interest rates at its upcoming meeting, in an effort to curb inflation and control high energy prices. As a result, the major market indices declined, with the S&P 500 falling by 0.38%, the Nasdaq dropping by 0.30%, and the Dow Jones decreasing by 0.54%.
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