Salem Radio Network News Sunday, February 5, 2023

Business

Strong job data send Wall Street lower

Stocks fell broadly on Wall Street and Treasury yields rose after another hot reading on the job market raised worries that the Federal Reserve will need to continue inflicting pain on the economy to fight inflation.
The S&P 500 fell 1.2% Thursday.
The Dow Jones Industrial Average fell 1% and the the Nasdaq lost 1.5%.
The pullback came after payroll company ADP reported a bigger-than-expected increase in jobs at private companies last month. The continued strength in the job market makes the Fed’s job of reining in inflation more difficult by putting upward pressure on wages.
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Bob Gorrell
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