U.S. Stocks Plunge Amid Stronger-Than-Expected Jobs Report

U.S. stocks closed the week in the red on Friday due to a stronger-than-expected non-farm payrolls report, which led investors to believe that the Federal Reserve will keep interest rates elevated for longer.

The report showed that 162,000 jobs were added to the U.S. economy last month, far exceeding the expected 56,000. This sparked a surge in Treasury yields and pressure on equities across the board.

Despite earlier optimism from corporate earnings, the Dow Jones Industrial Average posted the steepest losses among major averages, dropping 272.51 points to finish at 53,413.60, a fall of 0.51 percent.

The strong jobs report has now put the Federal Reserve back in control, with markets pricing in increased odds of another rate hike before year-end.