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U.S. Economy Added 428K Jobs in April

1_STOCKSANDJOBS

A volatile week in U.S. markets was capped with more confirmation that employment growth continues to be robust.

The U.S. economy added 428,000 jobs in April, the Department of Labor said this morning in its monthly statement. The unemployment rate was unchanged at 3.6 percent.

Stocks tumbled yesterday after investors grew more concerned that higher interest rates and rising oil prices will pressure economic growth. The Nasdaq Composite dropped 5 percent, the S&P 500 was down 3.6 percent, and the Dow Jones Industrial Average slid 3.1 percent.

The selloff more than wiped out the sharp gains seen Wednesday, after the Federal Reserve increased interest rates by 50 basis points and chairman Jerome Powell outlined a likely path forward that did not include the likelihood of a 75-basis-point hike at any single Fed meeting.

After the jobs announcement this morning, stock futures weakened and bond yields were higher.

Cryptocurrencies also retreated yesterday, while crude oil prices were higher again. Brent Crude exceeded $113 per barrel this morning, and West Texas Intermediate touched the $110-per-barrel mark.

Gasoline prices are trending higher, too, according to AAA. The national average was $4.279 a gallon today, up 12 cents from the week-ago average.

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