Stocks Are Getting Smoked (DIA, SPY, QQQ, TLT, IWM)

Stocks are losing serious ground after theDecember jobs report.At about 11:15 a.m. ET, the Dow was down 200 points, the S&P 500 was down 22 points, and the Nasdaq was off 49.Friday's jobs report showed that payrolls grew by 252,000 in December, better than the 240,000 expected by analysts.The unemployment rate also fell to 5.6%, its lowest level since June 2008.Friday's drop in stocks comes after the markets staged huge rallies Wednesday and Thursday to erase losses suffered at the start of the year.The report was a bit of a mixed bag, withsomething for everybody.Those who think the Fed is looking for total job gains are likely to argue that the Fed is on track to raise interest rates this year, while those who think the Fed is looking for wage growth will say we are still far away from this.The price of oil is also little changed early Friday, with West Texas Intermediate crude trading at about $48.70 a barrel. Gold is also little changed, trading near $1,210 an ounce.The euro was weakening slightly against the dollar, trading near 1.181 to the dollar, while the dollar was losing some ground against both the British pound and the Japanese yen.In Europe, stocks were slightly lower across the board after huge gains Thursday.NOW WATCH:How To Use Excel's New Flash Fill Feature To Recognize Data PatternsOO.ready(function() { OO.Player.create('ooyalaplayer', 'EzcDdscjqeHLTwTquEY_ouAs-w7Zz7Iu'); });Please enable Javascript to watch this videoSEE ALSO:A 10-Month Streak Is On The Line With Friday's Jobs ReportJoin the conversation about this story
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