Shares of banks and other financial institutions fell slightly after a surprisingly strong jobs report.
U.S. employers added 517,000 workers in January, far surpassing economist expectations. "It's discombobulated the market because it defies the logic of what the Fed is doing," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
"Fed rate hikes, especially this kind of aggressive campaign, normally leads to dmarly slowing economy with significant layoffs."
Shares of brokerage LPL Financial Holdings, Ms Krosby's employer, rose sharply after it logged fourth-quarter profit growth.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-03-23 1724ET
