Stocks tumbled on Friday after an upbeat report on the nation's job growth raised worries on Wall Street of the end of cheap borrowing costs. The Dow Jones Industrial Average closed down about 279 points, or 1.5 percent, to fall below 18,000. The S&P 500 Index shed 1.4 percent and the Nasdaq lost 1.1 percent. It was the Dow's worst day since Jan. 27.
The Labor Department reported that the economy generated 295,000 jobs in February, versus expectations of 240,000 jobs. The better-than-expected growth in jobs sparked worries that the Federal Reserve would raise interest rates sooner rather than later, ending an era of super-low rates that has been around since the financial crisis in 2008. Even though jobs growth was robust, average hourly wages only rose by 0.1 percent.
"Good news is bad news again," said Gina Martin Adams at Wells Fargo.
IN-DEPTH
- U.S. Economy Creates Better-Than-Expected 295K Jobs in February
- The Five Jobs With the Most Growth Potential
- The Dow: Out With AT&T and in With Apple
-- NBC News Staff and CNBC
