NEW YORK — U.S. stocks are recoiling on worries that good news on the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high. The S&P 500 was down 0.9% early Friday. The Dow Jones Industrial Average fell 331 points, or 0.8%, and the Nasdaq composite was 1% lower. Treasury yields leaped in the bond market after the Labor Department reported that U.S. employers added many more jobs to their payrolls last month than expected.
U.S. markets were closed on Thursday to observe a National Day of Mourning for former President Jimmy Carter. Shares of insurance companies fell on fears the wildfires ravaging the Los Angeles area will hit their profits. Allstate is down 4.7%, while Travelers is lower by 4%. Markets in Asia saw a broad decline that analysts said reflects weakening confidence about the chances of further interest rate cuts by the Federal Reserve given recent data showing unexpected strength in the U.S. economy.
Germany’s DAX was flat at 20,316.29, while the CAC 40 in Paris slipped 0.1% to 7,486.82. In London, the FTSE edged 0.1% lower, to 8,312.55.
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