Stocks Drop After Strong Jobs Report Signals More Fed Rate Hikes
• Stocks fell after stronger-than-expected December jobs report; indexes snap multi-week winning streaks • 216,000 jobs added in December, surpassing forecasts; unemployment remains low at 3.7% • Treasury yields rose back above 4% as outlook for Fed rate cuts is pushed back • Major indexes teetered between gains and losses during trading after initial rally faded • Services sector growth slowed in December; employment conditions slumped according to ISM survey