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Wall Street tumbles as jobs growth cements rate hike bets

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Reuters

By Shreyashi Sanyal and Ankika Biswas (Reuters) -U.S. stocks nosedived on Friday as solid job growth and a drop in the unemployment rate last month boosted the chances of more jumbo-sized interest rate hikes, while a revenue warning from Advanced Micro Devices hit chipmakers. The Labor Department’s closely watched employment report showed nonfarm payrolls increased by 263,000 jobs last month after rising 315,000 in August. The report also showed the jobless rate fell to 3.5% in September, lower than expectations of 3.7%. Traders now see a 92% chance of 75 basis-point hike by the Federal Reserv…

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