Stocks closed lower after reports suggested the U.S. job market remains much more resilient than expected.
The S&P 500 fell 0.8% Thursday. The Dow lost 366 points, or 1.1%, and the Nasdaq fell 0.8%.
While a sturdy labor market keeps the economy out of a long-expected recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation. That in turn could mean more pressure down the line on the economy and financial markets. Treasury yields jumped as traders increasingly bet on rates staying higher for longer.
