U.S. Stocks Rebound, Bonds Fall on Economic Data: Markets Wrap
- Payrolls rise 222,000 in June, wage growth falls short
- Treasury yields near 2.39 percent as oil slips below $45
U.S. Adds 222K Jobs in June, Jobless Rate Rises to 4.4%
U.S. stocks rebounded from the biggest selloff since May, while Treasuries fell after unexpectedly strong hiring data bolstered confidence in the American economy, underscoring the Federal Reserve’s case for raising interest rates. Crude fell below $45 a barrel.
Broad-based payroll gains that topped estimates boosted sentiment among equity investors a day after stocks suffered the biggest drop in six weeks. Gains were strongest among tech shares that have been whipsawed between gains and losses in recent days. The Bloomberg Dollar Spot Index was flat as tepid wage growth stoked concern that inflationary pressure remains weak. The 10-year Treasury yield climbed to 2.39 percent. Gold futures fell.