Wall Street off as pound crashes, jobs data keeps Fed on track
US stocks slipped on Friday as a drop in the British pound injected unwanted volatility to financial markets, while a weaker-than-expected jobs report was not enough to derail expectations for a rate hike from the Federal Reserve before the end of the year.
Major indexes posted their first negative week in four. The pound lost 1.4 percent to the dollar on Friday, and at one point earlier it had tumbled as much as 10 percent over just a few minutes, a "flash crash" that fueled concerns about the vulnerability of the currency and triggered volatility across jittery markets. Despite the sharp drop in sterling, the dollar index ended the day lower.
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US stocks slipped on Friday as a drop in the British pound injected unwanted volatility to financial markets, while a weaker-than-expected jobs report was not enough to derail expectations for a rate hike from the Federal Reserve before the end of the year.
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