new York Surprisingly strong growth in the US services sector has fueled interest rate concerns on Wall Street again. At the start of the week, the three most important US indices significantly increased their losses after the surprisingly good economic data. The Dow Jones index of standard values lost 1.4 percent to 33,947 points. The broader S&P 500 was down 1.8 percent to 3,998 points and the tech-heavy Nasdaq was down 1.9 percent to 11,239.
U.S. service providers unexpectedly increased their pace of growth in November, according to the Institute for Supply Management (ISM) survey. Experts, on the other hand, had a decline on the list. This fueled concerns that the US Federal Reserve could hike interest rates for longer than recently expected.
Already on Friday, surprisingly resilient US labor data had dampened speculation that the Fed might slow the pace and intensity of its rate hikes amid recent signs of slowing inflation.
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