Dow drops 55 points after strong jobs report dampens hope of a Fed rate cut

[Yo_Mama_Been_Loggin]

Stocks fell on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy.

The Dow Jones Industrial Average dropped 55 points, while the S&P 500 lost 0.4%. The Nasdaq Composite also slid 0.47% as semiconductor stocks fell broadly.

“The jobs number was solid,” said Gregory Faranello, head of U.S. rates at Amerivet Securities. “The real theme now will be shifting very quickly to what the number means in the context of what we’re pricing in for the Fed in July.”

The U.S. economy added 224,000 jobs in June. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May, according to Dow Jones.

https://www.msn.com/en-us/money/markets/dow-drops-55-points-after-strong-jobs-report-dampens-hope-of-a-fed-rate-cut/ar-AADTuhF?li=BBnbfcN

[Historic NY]

1. Next month they will have corrected numbers.

[link:https://www.adpemploymentreport.com/2019/June/NER/NER-June-2019.aspx|]

[lame54]

2. Showing that Wall street does not represent the working class