Dollar Rallies on Jobs Data as Treasuries, Stocks Decline
Jobs Report Offers U.S. 10-Year, Dollar/Yen Boost
The lowest unemployment rate in seven years was greeted with despondency in stock and bond markets, where investors expressed doubt the Federal Reserve can afford more patience on interest rates. The dollar rallied and gold erased its gain for the year.
The Standard & Poor’s 500 Index lost 1.4 percent at 4 p.m. in New York in its worst day since Jan. 5. Apple Inc. added 0.2 percent on news it will join the Dow Jones Industrial Average. The Stoxx Europe 600 Index rose 0.1 percent. The greenback extended an 11-year high against the euro and the Bloomberg Dollar Spot Index increased 1.2 percent, the most since 2011. The yield on 10-year Treasuries jumped 13 basis points to 2.24 percent. Gold fell 2.7 percent to $1,164.30 an ounce.