Stocks stumble as recession fears grip Wall Street
Wall Street slid Friday as fears of a stubborn jobs market delaying inflation relief spurred a broad market drop. The S&P 500 fell 2.8 percent, the Dow declined 2.1 percent, and the Nasdaq lost 3.8 percent, amid bets the Fed will continue aggressive rate hikes. Oil rose with Brent near 98 dollars a barrel, while tech names led declines and certain energy shares rose on a mixed tape of earnings and macro worries.
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Employers Add 263000 Jobs as Fed Hikes Loom
U S employers increased payrolls by 263000 in September, a slower but solid gain that keeps the Fed on track for aggressive rate hikes. The unemployment rate fell to 3.5 percent, wages rose 5 percent year over year, and job openings remained high despite declines in August.
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