Stocks Head for Losing Week on Rate Fears - InvestingChannel

Stocks Head for Losing Week on Rate Fears

Stocks wobbled on Friday but headed for a losing week after a slightly weaker-than-expected June jobs report failed to subdue fears that the Federal Reserve may start hiking rates again.

The Dow Jones Industrials decreased 50.71 points to break for lunch Friday at 33,871.55.

The S&P 500 eked up 4.29 points to 4,415.88.

The NASDAQ index recovered 47.35 points to 13,726.58.

All three major averages are headed for a losing week. The S&P 500 is off by about 0.8%, while the NASDAQ is on pace for a 0.5% decline. The Dow is the underperformer of the three, tracking for a 1.5% loss.

The U.S. Labor Department’s June jobs report showed payrolls increase less than expected and a cooldown in growth from May. Non-farm payrolls rose by 209,000, while the unemployment rate came in at 3.6%. Economists polled by Dow Jones had anticipated 240,000 positions added and a similar jobless level.

But parts of the report may give the Federal Reserve reason to resume hiking later this month. The closely watched wages numbers came in slightly stronger than expected. Average hourly earnings increased by 0.4% in June and 4.4% from a year ago. Meanwhile, the unemployment rate declined from 3.7% in May.

Prices for the 10-year Treasury were static, keeping yields at Thursday’s 4.04%.

Oil prices gained $1.22 to $73.02 U.S. a barrel.

Gold prices regained $21.10 to $1,936.50 U.S. an ounce.

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