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Benzinga
Benzinga
Business
Wayne Duggan

S&P 500 Gives Up Early Week Gains Following Latest Jobs Report: Is A Recession Looming?

Jobs Report NYSE Elon Musk Joe Biden United States ETF OPEC Tilray US Federal Reserve

After a strong two-day rally to start October, the SPDR S&P 500 ETF Trust (NYSE:SPY) gave up some of its gains on Friday following a mixed U.S. jobs report.

The Labor Department reported the U.S. economy added 263,000 jobs last month, exceeding average economist estimates of 250,000 jobs. The U.S. unemployment rate fell to 3.5%, clearing the path for the Federal Reserve to continue aggressively raising interest rates to combat inflation.

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