US stocks slip modestly

The US stocks slipped on Friday after nonfarm payrolls report showed a strong rebound in last month, prompting traders to raise expectations for a Federal Reserve rate hike this month. Soaring oil prices also weighed on sentiments. The US stocks recorded a mixed weekly performance, as sentiment was pressured by a relentless bond rout and spiking oil prices. The benchmark S&P 500 fell 0.4% to close at 7,716.95 points, the blue-chip Dow Jones Industrial Average declined 0.5% to settle at 53,413.60 points, and the tech-heavy NASDAQ Composite shed 0.3% to conclude at 26,506.99 points. For the week, the S&P rose 0.1%, the Nasdaq added 0.4%, and the Dow slipped 0.3%.

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