Stocks gave up an early rally and closed lower Friday, marking their third losing week in a row and extending Wall Street’s late-summer slump.
Major stock indexes initially climbed broadly following the government’s latest job market report, which showed employers slowed their hiring in August. The report put traders in a buying mood, stoking cautious optimism that the Federal Reserve may not need to raise interest rates as aggressively in its ongoing bid to tame inflation.
But the market reversed course by mid-afternoon, shedding all its gains. That left the S&P 500 and Dow Jones Industrial Average 1.1 percent lower. The Nasdaq composite fell 1.3 percent….
Source: The Epoch Times