Wall Street pulled back from its record Friday after a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween.
- The S&P 500 fell 33.67 points to 5,123.69. That was down 0.7% from its all-time high set Thursday and wrapped up just its third losing week in the last 19, the AP reports.
- The Dow dropped 68.66, or 0.2%, to 38.722.69.
- The Nasdaq slid 188.26, or 1.2%, to 16,085.11, pulled down by the weakness for Nvidia and other technology stocks.
There was mixed data on the US job market, which economists described as "all over the place," released Friday. It showed employers hired more workers last month than expected, but wages for workers rose by less than forecast. It also said job growth in January was not nearly as hot as earlier thought. The job market and overall economy are in a delicate spot, where Wall Street wants them to continue growing but not so much that they raise pressure on inflation. The ultimate goal is for inflation to cool enough to persuade the Federal Reserve to lower its main interest rate from its highest level since 2001. Such a move would release pressure on the financial system and the economy, which has so far remained out of a recession despite high interest rates.
"Big picture: These were helpful numbers for the Fed to gain confidence," said Lindsay Rosner of Goldman Sachs Asset Management. Following the report's release, traders' bets remained on June as the likeliest starting point for the Fed's rate cuts. The yield on the two-year Treasury, which follows expectations for the Fed, dipped to 4.48% from 4.51% late Thursday. Wall Street loves lower interest rates because they encourage people and companies to borrow, which can strengthen the economy, and because they boost prices for stocks and other investments.
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