Stocks, dollar sink after weak jobs report augurs low rates
NEW YORK (AP) — A weak report on the U.S. jobs market is sending the stock market and the dollar sharply lower in early trading.
Bond prices jumped Friday, sending yields down, as investors expected the new sign of weakness in the U.S. would push any interest rate hike further out into the future.
The Dow Jones industrial average was down 233 points, or 1.4 percent, to 16,044 as of 9:35 a.m. Eastern time.
The Standard & Poor’s 500 index lost 24 points, or 1.3 percent, to 1,898. The Nasdaq composite declined 55 points, or 1.2 percent, to 4,572.
The dollar fell against the yen and the euro as traders expected U.S. interest rates to remain low.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.92 percent.