Wall Street wiped out its entire post-election rally this week as mounting interest-rate fears were stoked by a red-hot labor market, surging inflation expectations and escalating geopolitical tensions ahead of Donald Trump‘s return to the White House.
In a shortened trading week due to Thursday’s funeral for former President Jimmy Carter, market activity reached a fever pitch on Friday.
The U.S. economy boasted an impressive 256,000 nonfarm payrolls in December — a figure that made the consensus economist forecast of 160,000 jobs pale in comparison. This marked the strongest employment growth since March. Additionally, the unemployment rate dropped to 4.1%, beating forecasts of 4.2%.
In simple terms, the U.S. labor market ended 2024 firing on all cylinders. While this robust performance …Full story available on Benzinga.com
US Labor Market Smashes Expectations, Wall Street Erases Post-Election Rally As Interest Rate Anxiety Grows: This Week In The Markets
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