NEW YORK — Stocks rose on Wall Street Friday and Treasury yields climbed following a hot U.S. jobs report.
U.S. employers added a surprisingly strong 303,000 workers to their payrolls in March, according to a government report on Friday. The strong job market has helped fuel consumer spending and earnings growth for businesses, amounting to strong economic growth overall. But it complicates prospects for the Fed's fight against inflation and hopes for lower borrowing costs.
Strong employment and consumer spending has raised concerns that inflation will be increasingly difficult to cool to the Fed's target rate of 2%. It also raises the potential for inflation to reheat.
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