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The last two increases were triple the usual size, and the Fed has raised its benchmark overnight rate from nearly zero by 2.25 percentage points. Higher mortgage rates had cut into the housing industry, in particular, after the Fed raised its short-term rates four times this year.

The hope on Wall Street had been that the economy was slowing enough to get the Fed to ease up on its rate hikes. Wall Street is coming off the best month for stocks since late 2020, a rally driven mostly by what had been falling yields across the bond market. The 10-year yield, which influences rates on mortgages, rose to 2.84% from 2.69%. The two-year Treasury yield, which tends to track expectations for Fed action, jumped to 3.23% from 3.05% late Thursday. Wall Street’s clearest moves came from the bond market, where Treasury yields shot higher immediately after the release of the jobs data. “Maybe this is more superficially impressive than substantively impressive.”

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“That was mostly from people who already have a full time job and then the second job is part time,” he said. The good news on the jobs market helped to limit losses for the Dow Jones Industrial Average, whose stocks tend to move more with expectations for the overall economy. The tech-heavy Nasdaq composite cut its early losses and closed down 63.03 points, or 0.5%, at 12,657.55. Stocks of technology and other high-growth companies once again took the brunt of the selling amid the rising-rate worries.

“It’s a reminder for investors on how uncertain Fed policy is going forward and the strong jobs market data shows just how far the Fed has to go,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. And much of Wall Street still revolves around expectations for rates.

That means the Federal Reserve may not let up on its aggressive rate hikes to combat inflation as early as hoped. But it also undercuts investors’ speculation that a slowing economy may mean a peak for inflation soon. The blistering data suggests the economy may not be in a recession, as feared. employers unexpectedly added hundreds of thousands more jobs than forecast last month. The benchmark S&P 500 ended just 0.2% lower after recovering from an early slide as investors reacted to the report, which showed that U.S. jobs market that offered both good and bad news for Wall Street. NEW YORK (AP) - Stock indexes closed mostly lower Friday after a roller-coaster day following a blockbuster report on the U.S.

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