NEW YORK/PARIS: US stocks briefly hit record highs on Friday before reversing course, as weaker-than-expected jobs data reinforced expectations that the Federal Reserve will cut interest rates at its meeting later this month.
Non-farm payrolls rose by only 22,000 in August, far below the forecast of 75,000, highlighting continued labour market weakness. The data fuelled bets that the Fed could lower rates by as much as 50 basis points.
The S&P 500 touched a record 6,532.65 points before closing 0.32% lower. The Dow Jones Industrial Average fell 0.5% after an early record, while the Nasdaq Composite ended flat.
Treasury yields tumbled, the dollar weakened and gold surged to a record high near $3,600 an ounce. Oil prices also extended losses ahead of an OPEC+ meeting this weekend, with Brent closing at $65.50 a barrel and US crude at $61.87.
Gold ended the week with its strongest gain in nearly four months. — Reuters
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