Strong September Jobs Report Exceeds Expectations, Stocks Drop as Rate Hike Fears Grow

US economy added 336,000 jobs in September, far exceeding expectations and fueling interest rate hike fears.

Blowout jobs report sent dollar higher, stocks and bonds lower as data stoked concerns rates will stay high to curb inflation.

September job gains almost double the 170,000 forecast, shocking markets questioning if economy is really slowing.

Futures traders raised probability of November Fed rate hike to 30.7% from 23.7% before data.

Stocks fell on Wall Street initially but pared losses, while crude oil slid further on growth concerns from higher rates.