Stocks slightly higher, oil prices retreat
Stocks slightly higher, oil prices retreat
NEW YORK — Wall Street stocks finished modestly higher on Friday as solid US jobs data boosted expectations for more Federal Reserve interest rate hikes, while oil prices retreated after US allies agreed to tap their emergency stockpiles.
The government jobs report for March showed US employers adding 431,000 positions and the unemployment rate falling to 3.6 per cent, a hair above where it was before the pandemic.
The data showed progress in the US economic recovery, but also raised expectations of an aggressive Federal Reserve interest rate hike to tame runaway inflation.
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