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AAP

Business

Derek Rose

Aussie shares slump on strong domestic job report

Amp Josh Gilbert RBA Tony Sycamore

The local share market finished 0.7 per cent lower amid fears of more rate hikes next year. (Dan Himbrechts/AAP PHOTOS)

The local share market has given up its early gains and finished in negative territory, rattled by an apparent gaffe by Joe Biden as well as a domestic jobs report that could help justify another rate hike next year.

The benchmark S&P/ASX200 index was up about 0.3 per cent in morning trading on Thursday, but finished 47.5 points lower, or 0.67 per cent, at 7058.4.

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