U.S. stocks dropped on worries that good news on the job market may prove to be bad for Wall Street by keeping inflation and interest rates high.
The S&P 500 fell 1.5% Friday. The Dow Jones Industrial Average fell 1.6%, and the Nasdaq composite sank 1.6%.
Stocks took their cue from the bond market, where yields rose to crank up the pressure after a report said U.S. employers hired many more workers last month than economists expected. The strong data could keep upward pressure on inflation and prevent the Federal Reserve from delivering cuts to interest rates.
The Dow Jones Industrial Average fell 696.75 points, or 1.6%, to 41,938.45.
The Nasdaq composite fell 317.25 points, or 1.6%, to 19,161.63.
The Russell 2000 index of smaller companies fell 49.73 points, or 2.2%, to 2,189.23.
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