Good News on Jobs Is Bad News for Market

The early June pattern of the stock market continued on Friday: up one day, down the next. The Dow fell 348 points to 32,899, the S&P 500 fell 68 points to 4,108, and the Nasdaq fell 304 points to 12,012. The latter index had the highest percentage decline, clocking in above 2%. The AP chalks up the malaise to Friday's new jobs report, which came in stronger than expected. The fact that employers hired more people than anticipated is good news in some respects, but investors apparently think it will keep the Fed on track to continue aggressively raising interest rates. “Good news is bad news," Mark Hackett, chief of investment research for Nationwide, tells CNBC. "It reminds us that the Fed is still the swing factor, at least in investor emotion." (More stock market stories.)