US job growth accelerated sharply in January, leading to investor concern about Federal Reserve intentions and falls in shares.
Wall Street ends down after strong jobs growth
Major US stock indexes ended lower on Friday after surprisingly strong jobs data sparked concerns about aggressive Federal Reserve action, while investors digested a mixed bag of megacap company earnings reports.
The S&P 500 still posted a gain for the week, which included a string of major market events, and stood not far from five-month highs. The Nasdaq tallied its fifth straight weekly rise, its longest such streak since late 2021.
US job growth accelerated sharply in January, with non-farm payrolls surging by 517,000 jobs, well above an estimate of 185,000. The unemployment rate hit a more than 53-1/2-year low of 3.4 per cent.
In another sign of economic strength, US services industry activity rebounded strongly in January.