Stocks flat, oil gains as rate hikes loom following strong jobs data

WASHINGTON, July 9 — Wall Street ended the day flat yesterday as Treasury yields jumped following a stronger-than-expected US jobs report, which suggested the Federal Reserve may push further interest rate hikes to cool the economy and slow inflation.

Nonfarm payrolls jumped by 372,000 jobs in June, well above economists’ expectations. The unemployment rate held steady at 3.6 per cent. “There has been a lot of doom and gloom recently, so a strong labour market read may assuage some fear of a recession and shows the resilient nature of our economy with a robust labour market in the face of hot inflation. The Fed is committed to raising rates aggressively to cool it, which will likely result in continued volatility,” said Mike Loewengart, managing director at E*TRADE from Morgan Stanley.

Brent crude was up 2.3 per cent to settle at US$107.02 a barrel. US crude rose 2 per cent to settle at US$104.79 per barrel.

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