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Economy Is ‘Too Hot to Handle’: Wall Street Reacts to Jobs Report
The surprise surge in payrolls last month sent US stocks lower Friday, putting the S&P 500 Index on track for a fifth straight weekly decline. Already battered by worries that the Federal Reserve’s higher-for-longer mantra is forcing a repricing of assets across Wall Street, US stocks are now staring at the possibility of another rate hike this year as labor-market resilience persists. The US economy added 336,000 jobs in September — the most since the start of the year — after sizable upward revisions to the prior two months, a report from the Bureau of Labor Statistics showed Friday. The unemployment rate held ... (full story)