Stocks Mixed After Strong Jobs Data Signals Resilient Economy Despite Slowing Service Sector Growth
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Stocks wobbled Friday after strong December jobs data showed the labor market remains resilient, complicating expectations for Fed interest rate cuts.
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The US economy added 216,000 jobs in December, higher than economist forecasts of 175,000 jobs, while unemployment held at 3.7%.
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Separate data showed service sector activity slowed in December, with the ISM services PMI dropping to its lowest since May.
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Oil prices rose on supply concerns after shipping giant Maersk rerouted vessels away from the Red Sea due to attacks.
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Apple shares slipped as analysts downgraded the stock over iPhone sales concerns after key supplier Foxconn warned of slowing demand.