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|NEW YORK Corey Davis Titans Jersey , March 6 (Xinhua) -- U.S. stocks fell sharply Friday, with the three major indices all losing more than 1 percent, as investors worried that a strong jobs report indicated the rate hike could come sooner rather than later.
The Dow Jones Industrial Average tumbled 278.94 points, or 1.54 percent, to 17 Kevin Byard Rush Jersey ,856.78. The S&P 500 dropped 29.78 points, or 1.42 percent, to 2,071.26. The Nasdaq Composite Index decreased 55.44 points, or 1.11 percent Derrick Henry Rush Jersey , to 4,927.37.
Total nonfarm payroll employment increased by 295,000 in February, well above market expectations, and the unemployment rate edged down to 5.5 percent Jack Conklin Rush Jersey , the U.S. Labor Department said in a report Friday.
In February, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to 24.78 U.S. dollars. Over the year, average hourly earnings have risen by 2 percent.
A strong monthly jobs report, however, heightened speculations that the Federal Reserve could raise interest rates sooner than anticipated.
"Strong hiring continues in the first quarter. It's not quite up to the fourth quarter's 324 Jonnu Smith Rush Jersey ,000month, but 252,000month is plenty strong enough to keep the Fed on the tightening track despite that pesky falling inflation rate," said Chris Low, chief economist at FTN Financial Taywan Taylor Rush Jersey , in a note.
Meanwhile, the U.S. trade deficit in goods and services decreased to 41.8 billion dollars in January from 45.6 billion dollars in December, as imports decreased more than exports, said the U.S. Commerce Department.
In corporate news, Apple Adoree' Jackson Rush Jersey , the largest U.S. company by market value, will join the Dow Jones Industrial Average on March 18 after the closing bell, replacing AT&T, said S&P Dow Jones Indices in a press release Friday. The tech giant's shares edged up 0.15 percent to 126.60 dollars apiece.
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RIYADHTEHREN, Jan. 2 (Xinhua) -- Saudi Arabia and Iran summoned on Saturday each other's envoys over Riyadh's execution of a leading Shiite cleric who was accused of inciting violence.
Saudi Arabia's Foreign Ministry summoned on Saturday the Iranian ambassador to Riyadh to protest Iran's statement over the execution of prominent Shiite Muslim cleric Nimr al-Nimr Camo Derrick Henry Jersey , Saudi Press Agency reported.
The report said that the Ministry expressed the Kingdom's denunciation and categorical rejection to Iran's statements, calling it "a flagrant violation of the Kingdom's internal affairs."
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