Stocks close flat, oil gains
Shares of 343 companies were traded. At the end of the day, 236 stocks closed higher, 87 declined and 20 remained unchanged. PHOTO: FILE
Wall Street ended the day flat on Friday as Treasury yields jumped following a stronger-than-expected US jobs report, which suggested the Federal Reserve may push further interest rate hikes to cool the economy and slow inflation. Oil prices rose over 2% on Friday, but still were down on the week following a steep sell-off days earlier on concerns about energy demand in a potential economic slowdown. Strong data from the US Labor Department, which reported the United States added more jobs than expected in June, indicated a recession was not yet imminent amid persistent job growth, and gives the Fed scope to deliver another large interest rate increase later this month.
Published in The Express Tribune, July 10th, 2022.
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