Dow drops over 600 points, Nasdaq nearly 4% lower as job gains remain steady, complicating Fed effort to lower prices
Stocks fell on Friday as traders evaluated September’s jobs report , which showed the unemployment rate continuing to decline and sparked an increase in interest rates . The Dow Jones Industrial Average fell 682 points, or 2.3%, to 29,264.39. The S&P 500 lost 3% to 3,642.68. The Nasdaq Composite slid 3.9% to 10,651.75, which is less than 1% above its low of the year. Friday’s jobs numbers showed the U.S. economy added 263,000 jobs in September, slightly below a Dow Jones estimate of 275,000. However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen even as the Federal Reserve tries to slow the economy with rate hikes to stem inflation. “While the data was about as expected, the drop in the unemployment rate is seemingly what the markets are obsessed with because of what it means for the Fed,” said Bleakley Financial chief investment officer Peter Boockvar. “When combined with the low level of ...