U.S. stocks lost ground on Friday, retreating from record levels hit in the prev...
- U.S. stocks lost ground on Friday, retreating from record levels hit in the previous session, after strong U.S. job growth in June pushed investors to scale back bets on aggressive interest rate cuts by the Federal Reserve.
Labor Department data showed nonfarm payrolls rose by 224,000 jobs in June, the most in five months, and solidly beating economists’ expectation of 160,000 additions. “The jobs report showed the economy slowing but not faltering. That’s important because one of the questions going into the jobs report was what it meant for the possibility of the Fed cutting rates at the end of the month,” said Kate Warne, investment strategist at Edward Jones in St. Louis.
Wall Street’s main indexes hit a closing record high on Wednesday on hopes of major central banks embracing looser monetary policy in the wake of slowing global growth and trade tensions.
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