Stocks slump on fears about rates, recession after jobs data

FILE - American flags fly outside the New York Stock Exchange, Friday, Sept. 23, 2022, in New York. – Good news on the economy remains bad news for Wall Street, and stocks are falling sharply Friday on worries a still-strong U.S jobs market may actually make a recession more likely.employers hired more workers last month

The Dow Jones Industrial Average was down 608 points, or 2%, at 29,318, as of 1:05 p.m. Eastern time, and the Nasdaq composite was 3.6% lower. The drops mark a return to form for stocks, which have tumbled over 20% from records this year on worries about inflation, interest rates and the possibility of a recession.

Also discouraging for investors was that the unemployment rate improved partly for the wrong reasons. Among people who aren’t working, fewer than usual are actively looking for jobs. That’s a continuation of a longstanding trend that could keep upward pressure on wages and inflation. Altogether, many investors see Friday's jobs data keeping the Fed on track to hike its overnight rate by three-quarters of a percentage point next month. It would be the fourth such increase, which is triple the usual amount, and bring the rate up to a range of 3.75% to 4%. It started the year at virtually zero.

Stocks of technology companies were leading the way in the opposite direction. They've been among the hardest hit by this year's rising rates, which most hurt investments seen as the riskiest, most expensive or having to make investors wait the longest for big growth.Beyond higher interest rates, analysts say the next hammer to hit stocks could be a potential drop in corporate profits.

We started a recession..the minute liberals got the White House..it was over..America is goin to get what she deserves for weak men an a lack of strong women

We've been in a recession since the spring. We've had 3 quarters of negative growth, 2 quarters is a recession.

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