Wall Street sticks near its records as yields slide after jobs report
NEW YORK — U.S. stocks are sticking near their records Friday following a highly anticipated report on the job market that showed a slowdown in hiring and contained nuggets of data for both optimists and pessimists.
Altogether, the data reinforced belief on Wall Street that the U.S. economy’s growth is slowing under the weight of high interest rates. That’s precisely what investors want to see, because a slowdown would keep a lid on inflation and could push the Federal Reserve to begin cutting its main interest rate.
The yield on the 10-year Treasury, which is the centerpiece of the bond market, fell to 4.31% from 4.36%. On Wall Street, gold miner Newmont rose 1.4% for one of the bigger gains in the S&P 500. It benefited from a 0.7% tick higher for the price of gold, which usually benefits from falling interest rates. That’s because bonds paying high yields can pull investors away from gold, which pays its holders nothing.
On the losing end of Wall Street were companies tied closely to cryptocurrency activity, as bitcoin tumbled below $56,000 from nearly $63,000 early this week. The cryptocurrency’s value is back to where it was in February.In stock markets abroad, London’s FTSE 100 fell 0.5% after U.K. voters ushered in a new regime by throwing out Conservatives in this week’s national election.
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