US stocks fell sharply on Friday, with the Dow dropping 697 points after a strong December jobs report diminished expectations for Federal Reserve rate cuts. The economy added 256,000 jobs, lowering the unemployment rate to 4.1%, which led to a surge in bond yields, raising concerns about a potential stock market correction. Economists now believe the Fed’s cutting cycle may be over, with inflation remaining above target and economic activity robust.
about US Stock Market Plummets After Strong December Jobs Report Raises Rate Concerns