FILE - The New York Stock Exchange on Wednesday, June 29, 2022 in New York. – Stocks fell broadly on Wall Street Thursday and Treasury yields rose after another hot reading on the job market raised worries that the Federal Reserve will need to continue inflicting pain on the economy in order to fight inflation.
The pullback came after payroll company ADP reported a bigger-than-expected increase in jobs at private companies last month. The U.S. government also reported that the number of Americans applying forThe strong jobs market reports follow a government report on Wednesday showing a higher than expected number ofThe continued strength in the job market makes the Fed’s job of reining in inflation more difficult by putting upward pressure on wages.
The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.76% from 3.69% late Wednesday. Mortgage rates have rising significantly along with the Fed's rate increases.
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