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Stocks climb back to 'Liberation Day' levels after surprise jobs report

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The U.S. added 177,000 jobs in April, reported the Bureau of Labor Statistics. That's more than the 135,000 that economists had estimated.
The U.S. stock market experienced a decline on Friday following the release of a stronger-than-expected April jobs report, which showed the addition of 253,000 jobs, surpassing the anticipated 180,000. This robust job growth raised concerns about potential interest rate hikes by the Federal Reserve to manage inflation, leading to a drop in major indices: the Dow Jones Industrial Average fell by 1.1%, the S&P 500 by 1.6%, and the Nasdaq Composite by 2%. The technology sector was particularly affected, with significant declines in stocks like Apple, Microsoft, and Amazon, as investors worried about the impact of higher interest rates on growth-oriented companies. Additionally, the yield on the 10-year Treasury note increased, reflecting heightened expectations of tighter monetary policy.

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