Wall Street Drops After Strong Labor Report, Dimming Hopes Of Low Fed Hike

U.S. stock indexes closed lower Thursday following a Labor Department report showing weekly jobless claims were lower than expected, which dampened optimism the Federal Reserve will curb its aggressive interest-rate hikes to cool the country's hot labor market.

  • The Feds recent series of sharp rate hikes have also stoked fear of a recession.
  • The Federal Reserve is set to make another rate hike at its policy meeting next month.
  • The Dow Jones Industrial Average on Thursday dropped 252.4 points, or 0.76%, to 33,044; the S&P 500 lost 30.01 points, or 0.76%,; and the Nasdaq Composite dropped 104.74 points, or 0.96%.
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