New York stocks closed lower as the U.S. job market recovered stronger than expected. Nonfarm payroll increased by 256,000 in December compared to the previous month, while unemployment stood at 4.1%, significantly exceeding market expectations. The strong employment data raised the possibility of the Federal Reserve moderating its pace of rate cuts, causing Treasury yields to surge. Technology stocks declined amid concerns over increased borrowing costs. Meanwhile, the dollar strengthened, gaining value against major currencies, and oil prices jumped more than 3% as the U.S. imposed sanctions on Russian energy companies.
