Wall St closes first week of 2022 with declines on U.S. rate-hike worries By Reuters

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 6, 2022. REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) – Wall Street wrapped up the first week of the new year with daily and weekly losses as investors worried about looming U.S. interest-rate hikes and unfolding Omicron news.

The and Nasdaq ended down on Friday, with the latest U.S. jobs report underscoring investor worries that the Federal Reserve will aggressively hike interest rates to fight inflation.

Friday’s Labor Department data showed the U.S. jobs market was at or near maximum employment even though employment rose far less than expected in December amid worker shortages.

On Wednesday, minutes of the Fed’s Dec. 14-15 policy meeting published showed officials at the U.S. central bank viewed the labor market as “very tight,” and signaled the Fed may have to raise rates sooner than expected to curb…

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