Wall Street ends the week with a loss on fears of higher Treasury yields

Wall Street closed lower, Friday, amid concerns about rising Treasury yields and the possibility of the Federal Reserve increasing interest rates.
The strong rise in employment has raised concerns about a larger rate hike this year.
And the US Labor Department issued data that came stronger than expected for jobs, as jobs in the non-farm sectors rose by 428,000 jobs in April, against expectations of adding 391,000 jobs, confirming the strength of fundamental factors for the economy despite the contraction in gross domestic product in the first quarter of general.
The Standard & Poor’s 500 index closed down 23.14 points, or 0.55 percent, to 4,124.09 points, the Nasdaq Composite Index fell 173.94 points, or 1.41 percent, to 12,143.75 points, and the Dow Jones Industrial Average fell 86.16 points, or 0.26 percent, to 32911.81 points.
American companies continued to hire in large numbers in April, according to figures released by the Labor Department on Friday, while President Joe Biden praised the solidity of the labor market, which he considered a fruit of his economic policy.
Despite rising costs due to chronic labor shortages and record inflation, companies have secured 428,000 new jobs, especially in the services, manufacturing and transportation sectors that have been hardest hit by the Covid pandemic.
The outcome exceeded analysts’ expectations, creating 395,000 new jobs.
In two years, the US economy recreated about 95 percent of the 22 million jobs that were lost when the Covid pandemic crippled economic activity and plunged the United States into a deep recession starting in the spring of 2020.
“Our policy actions have resulted in the creation of the highest number of jobs in modern times,” President Joe Biden said in a statement, adding that “the drop in the unemployment rate (is) the fastest ever at the start of a presidential term.”
The unemployment rate remained at 3.6 percent, touching the rate recorded in February 2020, before the outbreak of the epidemic, and at that time it settled at 3.5 percent, its lowest level since 1969.
The Ministry of Labor said in a statement that the number of unemployed people in April remained “unchanged fundamentally at 5.9 million” people.
The US administration hopes to create more than 4 million job opportunities this year, and the unemployment rate will drop to 3.3 percent by the end of the year.
According to a Labor Department survey published this week, there were more than 11 million jobs available in the country in March, a record number. (Archyde.com)