Dow drops over 500 points after September jobs report, as stocks cut weekly gains

U.S. stocks fell sharply Friday, cutting into weekly gains, after September jobs data showed an unexpected fall in the unemployment rate that’s expected to reinforce the Federal Reserve’s resolve to keep tightening monetary policy.What’s happening Stocks were on track for back-to-back losses, trimming weekly gains.

“The September payroll report, while close to consensus, was still likely too strong to allow policymakers much breathing room. The likely impact is to keep policy in tightening mode and to keep pressure on risk assets,” said Matt Peron, director of research at Janus Henderson Investors, in emailed comments.

The data underlined the labor market’s role in the inflation battle, said Steve Rick, chief economist at CUNA Mutual Group, ina note.

We should head far lower

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