NEW YORK — Worries about a too-hot job market are sending Wall Street lower Friday, keeping stocks on track to close out a fifth straight losing week. The S&P 500 was down 0.3% in morning trading and heading for its longest weekly losing streak in 16 months. The Dow Jones Industrial Average was down 117 points, or 0.4%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. Once again, it was rising yields in the bond market pushing stocks lower.
05%. Among the potentially encouraging signals for the Fed: Workers’ average wages rose at a slower rate in September than economists expected. While that’s discouraging for workers trying to keep up with inflation, it could remove some inclination by companies to raise their prices. The Fed should be focusing on such moderate wage gains, rather than the growth in jobs, said Brian Jacobsen, chief economist at Annex Wealth Management.
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