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US stocks pull back from records following jobs report

Posted at 2:12 PM, Jan 10, 2020

U.S. stock indexes retreated from their record highs after a government report showed that hiring was a touch weaker than expected last month.

Employers added 145,000 jobs, short of the 160,000 economists had forecast. But the number was solid enough to cement Wall Street's view that the job market is holding up and can continue allowing households to spend, preserving the largest part of the economy.

The bond market rallied after the report showed workers’ wages aren’t rising much, which lessens the threat of inflation. The yield on the 10-year Treasury note fell to 1.82% from 1.85%.

The Dow Jones topped 29,000 for the first time ever, but retreated to close at 28,823.77 on Friday.