The Nasdaq, S&P 500, and Dow All Fell Slightly Friday. The Jobs Report Wasn't Really Why.
August payrolls came in three times hotter than expected. Stocks barely flinched. What's going on?
Overview
Stocks edged lower Friday after the August jobs report came in roughly three times as strong as economists expected. Hot jobs reports are usually bad news for Wall Street, as investors ponder rising risks of inflation-fighting Fed rate increases. The major indexes are indeed down today, but the drops are fairly small.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 0.3% as of 1:20 p.m. ET, the S&P 500 (SNPINDEX: ^GSPC) down 0.4%, and the Dow Jones Industrial Average (DJINDICES: ^DJI) down 0.5%. The Dow fell as much as 0.7% around 11 a.m. ET before clawing most of it back.
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Originally published at www.fool.com.
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