Stocks suffer 5th straight weekly drop
The stock market ended the week with a fifth consecutive decline as investors weighed strong U.S. job data against Fed rate hike fears. The S&P 500 fell 0.6 percent to 4,123.34, the Dow dropped 0.3 percent, and the Nasdaq slid 1.4 percent amid ongoing inflation and policy concerns.
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Jobs Boom Continues as Market Sees Hiring Across Industries
Beth Ann Bovino of S&P Global notes lingering COVID concerns and daycare costs keep some out of jobs while wages rise. Factories added 55,000, warehouses 52,000, restaurants 44,000, healthcare 41,000, finance 35,000, retail 29,000, hotels 22,000, construction 2,000. Fed rate hikes and fading government aid threaten the momentum, with unemployment benefits at 1.38 million, 11.5 million job openings, and 4.5 million quits in March.
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Bipartisan push to boost U S chip production faces Senate House merger
Lawmakers weigh a House backed $52 billion semiconductor aid package aimed at expanding U S production. Negotiations with a Senate version proceed as Democrats add climate aid and domestic manufacturing provisions. Analysts estimate 3D printing could reshape outsourcing and add up to $900 billion in value if domestically adopted.
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