Stocks Resume Weekly Losses as Jobs Fuel Rate Bets: Markets Wrap
- Traders parse May’s jobs numbers for clues on Fed tightening
- Crude oil secures sixth week of gains; dollar strengthens
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US stocks resumed their trend of weekly losses after strong hiring data cleared the way for the Federal Reserve to remain aggressive in its fight against inflation. Treasuries fell and the dollar strengthened against peers.
The S&P 500 slumped 1.6% afternoon trading, tipping the benchmark index into negative territory for the eighth week in the past nine periods. Tesla Inc. also dragged tech shares lower Friday after reports the company plans to reduce its salaried workforce. Meanwhile, energy shares advanced as crude reached $120 a barrel in New York.