Strong Jobs Report Sends Stocks Plummeting Amid Rate Hike Fears

U.S. stocks closed lower on Friday following a stronger-than-expected August employment report.

The Dow Jones Industrial Average fell by 271.86 points, or 0.51 percent, to 53,414.25. The S and P 500 sank 29.11 points, or 0.38 percent, to 7,718.6. The Nasdaq Composite Index shed 77.07 points, or 0.29 percent, to 26,506.99.

Eight of the 11 primary S and P 500 sectors ended in the red, with consumer discretionary and health leading the laggards by dropping 1.26 percent and 1.04 percent, respectively. Meanwhile, industrials and technology led the gainers by adding 0.41 percent and 0.23 percent, respectively.

U.S. nonfarm payrolls increased by 162,000 in August, far exceeding the 53,000 expected by economists polled by Dow Jones. The unemployment rate held steady at 4.1 percent, as anticipated.