US stocks fade, Treasury yields jump following jobs report

NEW YORK (AP) — U.S. stocks faded a bit from their record highs in early trading Friday, and the Standard & Poor’s 500 index was on pace to snap its longest winning streak in four years. Treasury yields climbed after the government’s monthly jobs report showed wages rose more than expected last month, which should keep the Federal Reserve on pace to continue raising interest rates.

The jobs report, often the most anticipated economic data of each month, was unusually difficult to parse after damage from recent hurricanes affected hiring from Texas to Florida, economists say.

The Standard & Poor’s 500 index fell nearly 3 points, or 0.1 percent, to 2,549, as of 10:00 a.m. Eastern time. If it stays there, it would be the first loss for the index in nine days.

The Dow Jones industrial average lost 8, or less than 0.1 percent, to 22,767, and the Nasdaq composite was close to flat at 6,586. All three indexes closed at records on Thursday.