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Live update: Son of drug lord ‘El Chapo’ taken to Mexico City after dramatic arrest

Wall Street benchmark S&P 500 fell 1.2% on Thursday, while the tech-heavy Nasdaq Composite fell 1.5%, wiping out a slight gain recorded in the previous session © Courtney Crow/New York Stock Exchange/AP

U.S. stocks and Treasuries fell Thursday after a better-than-expected jobs report underscored the resilience of the labor market as the Federal Reserve aggressively tackled high inflation. The dollar has risen.

of Wall Street The benchmark S&P 500 dropped 1.2%, while the tech-heavy Nasdaq Composite dropped 1.5%, wiping out the modest gains recorded in previous trades. Meanwhile, Amazon’s stock fell 2.4% per day after the e-commerce giant announced plans to lay off 18,000 of his employees.

The decline came after U.S. private sector employment rose 235,000 more than estimated in December, according to payroll processor ADP. Economists polled by Reuters had expected an increase of 150,000. shows signs of slowing downMeanwhile, the number of initial unemployment claims in the last week of December fell to 204,000 from a revised 223,000 in the previous week.

The ADP figures support the situation in the world’s largest labor market, as expressed in the minutes of the Federal Open Market Committee’s December meeting released Wednesday. Economics Upward pressure on wages and prices is intensifying.

“Despite the tightening that has been implemented, [FOMC] Bank of America U.S. economist Michael Gapen sees the labor market as still tight, at odds with price stability.

read more about today market movements.

https://www.ft.com/content/23ec44b1-62fa-4e1c-aee7-94ec0ed728dd Live update: Son of drug lord ‘El Chapo’ taken to Mexico City after dramatic arrest

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