U.S. stocks opened mixed and government-bond yields declined after disappointing jobs data suggested a potential slowdown in the pace of the economic recovery. The S&P 500 ticked up less than 0.1%, a day after the broad-market index closed near its all-time high. The Nasdaq Composite Index advanced 0.5%, while the Dow Jones Industrial Average slipped 0.2%. The yield on the 10-year Treasury note edged down to 1.53%, from 1.561% on Thursday, on track for a sixth consecutive day of declines. The monthly jobs report showed employers added 266,000 jobs in April and the unemployment rose to 6.1%. These figures significantly missed the expectations of economists who estimated that payrolls grew by one million and the unemployment rate fell to 5.8%. It sat at a record 14.8% in April 2020 in the midst of the early stages of the pandemic. “We were very surprised,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, adding that he thinks that the economy will continue to recover, but at a slower pace than expected.
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