Posted 10/6/2023, 1:50:04 PM
Strong September Jobs Report Sparks Treasury Yield Surge and Stocks Drop
- Report showed stronger than expected labor market in September, with 336,000 jobs added vs 170,000 predicted
- 10-year Treasury yield jumped to highest level since 2007, sparking concerns Fed may need to clamp down more on economy
- Higher Treasury yields indicate higher borrowing costs for consumers and businesses
- Dollar climbed 0.6% on Friday, concerning companies that earn overseas income
- S&P 500 dropped 0.5% Friday, extending sell-off as yields have marched higher since August
