Stocks End 9-Week Rally, Longest Since 2004; Jobs Report Shows Strong Labor Market
• Stocks snapped a 9-week winning streak on Friday, ending the longest consecutive weekly rally since 2004; Dow and S&P 500 posted worst start since 2016 • December jobs report showed a still-strong labor market with 216K jobs added and unemployment holding at 3.7%, complicating expectations for Fed rate cuts • Services PMI dropped to 50.6 in December, the lowest level since May, indicating slowing expansion • Apple stock slid amid downgrades and concerns over iPhone sales, erasing over $175B in market value • Shipping giant Maersk rerouting vessels away from Red Sea due to attacks on ships by Yemen's Houthis, significantly increasing costs