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https://www.wsj.com/finance/stocks/markets-rally-on-surprise-u-s-job-losses-83ecb5e4
Markets Rally on Surprise U.S. Job Losses
Plus, manufacturing jobs remain a bright spot and Airbnb shares soar
By Heard on the Street Staff
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(2 min)
This is an edition of the Markets P.M. newsletter, a recap of the day’s most important markets moves, delivered after the closing bell. If you’re not subscribed, sign up here.
What Happened in Markets Today
The U.S. labor market shed jobs in July, sending stocks higher. The surprise contraction renewed questions about the economy’s strength amid elevated inflation. The Labor Department said the economy lost 23,000 jobs last month. Economists surveyed by The Wall Street Journal expected a gain of 83,300. In addition, May and June payroll numbers were revised downward. Traders slightly pared back their bets that the Fed will raise interest rates next month. Treasury yields initially fell but retraced most of their declines.
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