The three major U.S. stock indices ended lower on Friday amid strong jobs data. The Nasdaq Composite index plunged 1.6 percent, the S&P 500 lost one percent and the Dow Jones Industrial Average declined 0.4 percent.

However, the S&P 500 posted a gain for the week to close near five-month high level. The Nasdaq also logged its fifth straight weekly rise which is longest such streak since late 2021. The S&P 500 gained earlier this week after comments that were more dovish than expected from Fed Chair Jerome Powell, who acknowledged progress in the fight against inflation.
The US share markets fell yesterday after surprisingly strong jobs data which sparked concerns about aggressive Federal Reserve action. U.S. job growth accelerated sharply in last month and the unemployment rate hit a more than 53 year low. In another sign of economic strength, U.S. services industry activity rebounded strongly in January. Investors also remained cautious amid mixed megacap company earnings reports.

Investors have been balancing hopeful signs that the economy could avoid a feared recession against concerns about how long the Fed will keep interest rates high to rein in inflation.