The Dow fell more than 300 points on Thursday as strong jobs data spooked investors
A number of reports this week show that the labor market remains resilient to the Federal Reserve’s attempts to tame inflation by raising interest rates and cooling the economy. The reports stoked investors’ fears that the central bank will continue with its painful hiking regimen well into 2023. The Dow ended the day down 340 points, or 1%. The S&P 500 fell 1.2% and the Nasdaq Composite was 1.5% lower.
“If you see the indicators in the labor market and if you look at very sticky components of inflation like services inflation, I think it’s clear that we haven’t turned the corner yet on inflation,” Gita Gopinath, the IMF’s second-in-command told the Financial Times this week. The IMF’s advice to the Fed, she said, was to “stay the course.
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