NEW YORK: Stocks fell on Friday as oil prices spiked to US$40 a barrel for the first time since 1990 and a surge in April jobs growth left investors thinking that the Federal Reserve could hike interest rates as early as June.
Interest rate-sensitive sectors like car makers, home builders and financial services companies fell sharply. The Dow Jones Home Building index fell 5%, while the Standard & Poor’s Auto Manufacturers index sank 4.8%.
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