The stock market fell sharply on Friday after a hotter-than-expected December jobs report had Wall Street wondering if the Federal Reserve is completed cutting rates of interest.
The Dow Jones Industrial Average fell about 700 points, or 1.6%. The S&P 500 dropped 1.5%. The Nasdaq Composite was down 1.6%.
The Dow posted its biggest decline to a jobs report since Oct. 7, 2022, in accordance with Dow Jones Market Data. It also closed down 0.7% from its Nov. 5 close. It’s the primary time the Dow has finished a day below its Election Day close since Donald Trump was elected president for a second term.