Stocks dip, yields fly as blowout data raises rate forecasts

By STAN CHOE and DAMIAN J. TROISE
AP Business Writers

NEW YORK (AP) — Stocks are wobbling and Treasury yields are jumping on Friday as Wall Street’s expectations rise that the Federal Reserve may soon start raising interest rates sharply. The S&P 500 was 0.2% higher after the Labor Department said employers added 467,000 jobs last month, triple economists’ expectations. The stronger-than-expected data seems to lock in the Fed’s pivot toward fighting inflation by making moves that will ultimately act as a drag on markets. The majority of stocks in the S&P 500 were falling, though a 13.4% leap for Amazon following a strong earnings report was almost singlehandedly limiting losses for the index.