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U.S. Stocks Close Sharply Lower, Decline For Second Straight Week

MarketWatch Pulse

U.S. stocks sold off on Friday and recorded a second straight week of losses. A stronger-than-expected jobs report sent the dollar and 10-year Treasury yields rising, forcing investors to grapple with the prospect that a rate hike could occur sooner than later. The U.S. economy added 295,000 jobs last months, while the unemployment rate fell to 5.5%. Wage growth, however, was sluggish. The S&P 500 suffered its steepest decline in 2 months, falling 29.78 points, or 1.4%, to 2,071.26 and lost 1.6% over the week. The Dow Jones Industrial Average dropped 278.94 points, or 1.5%, to 18,056.78. The Nasdaq Composite ended the day down 55.44 points, or 0.3%, at 4,927.47 and recorded 0.7% loss over the week.

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