Stocks edge up, yields fly as jobs data raises rate outlook

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks are edging higher and Treasury yields are jumping Friday as Wall Street’s expectations rise that the Federal Reserve may soon start raising interest rates sharply. The S&P 500 was 0.9% 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 would ultimately act as a drag on markets. Amazon leaped 15% following a strong earnings report. The two-year Treasury yield, which tends to move with expectations for the Fed’s actions, jumped to its highest level since the start of the pandemic.