Stocks closed lower on Friday to end the week in the red, after a strong May jobs report rattled investors already nervous about the Federal Reserve’s planned pace of aggressive interest rate hikes. The Dow Jones Industrial Average shed about 349 points, or 1.1%, ending near 32,898, while booking a near 1% weekly drop. The S&P 500 fell 1.6% Friday and 1.2% for the week. The Nasdaq Composite Index shed 2.5% to book a 1% weekly drop, after earlier gains in the holiday-shortened week fizzled. Investors have been closely monitoring economic for hints as to how it could alter the Fed’s planned rate hikes this summer, as well as its balance sheet reduction effort.
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