New York Stock Exchange Closes Weakly...Expectations for rate cuts wane on strong employment

The New York stock market ended weaker as expectations for a key rate cut weakened on an unexpectedly strong employment data.

On the New York Stock Exchange, the Dow Jones 30 Industrial Average closed at 41,938.45, down 696.75 points or 1.63% from the previous session.The

Standard & Poor's 500 index closed at 5,827.04, down 91.21 points and 1.54% from the previous session, and the tech-heavy Nasdaq index closed at 19,161.63, down 317.25 points and 1.63% from the previous session.

The sharp increase in U.S. jobs last month, well above expected levels, weighed on financial markets that had expected a drop in interest rates as the U.S. Federal Reserve was expected to freeze rates for the time being.

Financial markets believe that the Fed will freeze interest rates at the Federal Open Market Committee from the 28th to the 29th, and that the possibility of continuing to freeze rates at the March meeting as well as at the May meeting has increased.