U.S. Economy Shines: Unemployment Rate Hits 53-Year Low After Blowout January Jobs Report

The Dow Jones Industrial Average fell 100 points on Friday after the Labor Department reported a blowout January jobs number that suggests the Federal Reserve will continue to increase interest rates.

The U.S. economy added 517,000 jobs in January, far surpassing the 185,000 expected by economists. The unemployment rate dropped to 3.4%, its lowest level since 1969.

The stunning jobs report was a major factor in the market’s decline, as investors fear that the Fed will continue to raise rates in order to keep inflation in check.

Tech stocks were especially hard hit, as the report’s strong numbers led to fears of a tech disapointment. Apple shares fell sharply after the report, as investors worried about the company’s outlook.

The jobs report also weighed on stocks in the energy and financial sectors.

Overall, the report was a major surprise, and the market reacted accordingly. However, some analysts remain optimistic, noting that the strong numbers could be a sign of a healthy economy.