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Global stock markets fall, U.S. yields rise after strong employment data

  • Wall Street stocks finish lower
  • Benchmark 10-year yields reach two-week high
  • May U.S. jobs report beats expectations
  • U.S. dollar index extends gains
  • Oil prices edge higher

NEW YORK, June 3 (Reuters) – Global equity markets fell as U.S. Treasury yields reached two-week highs on Friday after data showed the American economy generated a greater-than-expected number of jobs in May, signaling the Federal Reserve will likely continue raising interest rates in its effort to curb inflation.

The Labor Department’s closely watched employment report showed the U.S. economy added 390,000 jobs in May, with the unemployment rate holding steady at 3.6% for a third straight month, beating most analyst estimates. read more

Traders were hoping the jobs report would reveal stronger signs of weakness in the U.S. economy that would help persuade the Fed to soften its stance on inflation and interest rates to avoid triggering a recession.

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