NEW YORK (AP) — The stock market is offering a muted response to a surprisingly strong government jobs report, sliding slightly in midday trading.
The government reported a strong uptick in hiring and the lowest unemployment rate in seven years. That’s good news for the economy, but it could also lead the Federal Reserve to raise interest rates next month. That in effect reduces the amount of money investors have to bet on stocks.
The Dow Jones industrial average was down 31 points, or 0.2 percent, to 17,832 as of 11:55 a.m. Eastern time.
The Standard & Poor’s 500 index was down 8 points, or 0.4 percent, to 2,091. The Nasdaq composite rose 8 points, or 0.2 percent, to 5,135.
Bond prices fell sharply. The yield on the 10-year Treasury note rose to 2.31 percent.
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