Stock indexes ended mixed and Treasury yields jumped Friday amid Wall Street’s expectations that the Federal Reserve will soon start raising interest rates sharply. The Dow fell 21 points to 35,089, the S&P 500 rose 23 points to 4,500, and the Nasdaq rose 219 points to 14,098. Earlier, the Labor Department said employers added 467,000 jobs last month, triple economists’ expectations. The stronger-than-expected data seems to lock in the Fed’s pivot toward fighting inflation by making moves that would ultimately act as a drag on markets.
A 15% gain for online retail giant Amazon after the company delivered a strong earnings report helped send indexes higher, even though the S&P 500 was evenly split between rising and falling stocks. “Until you get a more set-in-stone picture for what tightening will be from the Fed, you should expect volatility to be similar to where we’ve been the last two weeks,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth. The wide expectation is for the Fed to raise short-term rates next month off their record low of nearly zero, with the only question by how much.
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