The Markets’ Recession Obsession
On Friday, the Labor Department said U.S. payrolls were unchanged last month. This was the weakest reading since September 2010 and worse than economists' forecasts. The weak reading on jobs weighed on stocks as market participants reacted to fears of a recession. The stock market's sharp 2.5% decline on Friday left the S&P 500 down -0.2% for the week, making last week the fifth of the past six weeks that the stock market suffered a loss.
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