S&P Streak Is Over, but Week Is a Winning One

Dow and the benchmark index see modest dips on the day
By Newser Editors and Wire Services
Posted Jul 8, 2022 3:11 PM CDT
S&P Streak Is Over, but Week Is a Winning One
Traders work on the floor at the New York Stock Exchange in this July 1 file photo.   (AP Photo/Seth Wenig)

The benchmark S&P 500 failed to extend its winning streak to five days on Friday, but it didn't miss by much. The index fell 3 points to 3,899, while the Dow fell 46 points to 31,338, and the Nasdaq ticked up 13 points to 11,635. All three indexes finished up for the week, reports CNBC. The mixed day came after an unexpectedly strong jobs report. On the optimistic side, employers hired many more workers last month than expected despite worries about a possible recession, per the AP. However, the hotter the economy remains, the more likely the Federal Reserve is to continue raising interest rates sharply in its fight against inflation.

Treasury yields shot higher immediately after the release of the jobs data, underscoring expectations of Fed rate hikes, but then eased back. The yield on the two-year Treasury jumped as high as 3.15% from 3.03% late Thursday, but it then moderated to 3.09%. Following Friday's jobs report, traders are universally betting the Fed will raise the target for its short-term interest rate by at least three-quarters of a percentage point at its meeting later this month, according to CME Group. That would match June’s big move.

(More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.