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Stocks End Day Lower With Labor Market in Focus: Markets Wrap

  • Fed’s Bullard said rates are nearing sufficiently high level
  • Friday’s payrolls report awaited after cautious Fed comments
Bloomberg business news
JPM's Lebovitz Says Market May Be 'Overly Pessimistic' on EarningsSource: Bloomberg
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US stocks closed lower as continued evidence of strength in the labor market fueled speculation the Federal Reserve has room to keep raising rates. Short-dated Treasuries fell. 

The S&P 500 and the Nasdaq 100 each lost more than 1% after hiring numbers surpassed estimates in a private payrolls report and new claims for unemployment benefits unexpectedly fell last week. The policy-sensitive, two-year Treasury yield climbed the most in a month. The dollar strengthened versus major peers.