(June 4): Wall Street's three major stock indexes ended lower on Friday after a solid jobs report ate in to hopes for a pause in the Federal Reserve's aggressive policy-tightening which is needed to cool decades-high inflation. While the jobs report was reassuring for the current state of the economy, investors focused primarily on its potential influence on central bank policy. Shawn Snyder, head of investment strategy at Citi Personal Wealth Management, saw the solid report as a double-edged sword. Money markets are fully pricing in 50 basis-point rate hikes by the Fed in June and July. Declining issues outnumbered advancing ones on the NYSE by a 2.68-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored decliners.
