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The Dow Jones Industrial Average fell on Friday as August’s hotter-than-expected payrolls reading increased expectations that the Federal Reserve could raise interest rates at its next meeting.
The 30-stock index let go of 276.74 points to begin Friday at 53,409.37
The S&P 500 sank 27.63 points to 7,720.08.
The NASDAQ Composite retreated 75.04 points to 26,509.09.
However, the Dow is still heading for a drop of 0.2% this week. The S&P 500 is on track for a 0.3% advance in the period, while the Nasdaq is on pace for a 0.7% gain.
Non-farm payrolls grew 162,000 last month, much more than the 53,000 that economists polled by Dow Jones expected. The unemployment rate held steady at 4.1%, as expected. On top of last month’s gain, figures for both June and July saw upward revisions.
Prices for the 10-year Treasury were static, keeping yields at Thursday’s 4.77%.
Oil prices fell $1.41 to $89.89 U.S. a barrel.
Gold prices slipped $53.70 to $4,486.20 U.S. an ounce.
