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Stocks Slip as Jobs Report Increases Chances of December Hike

Stocks opened lower on Friday after the release of a blowout jobs report pushed the chances of a December rate hike much higher.

The S&P 500 fell 0.23%, the Dow Jones Industrial Average slid 0.13%, and the Nasdaq slipped 0.14%.

U.S. payrolls added 271,000 jobs in October, according to the Labor Department, well above estimates of 205,000. U.S. hourly wages posted their biggest year-over-year gain in six years, rising 0.4% over the month. The unemployment rate fell to 5%, a seven-and-a-half-year low.

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The stronger-than-expected jobs report is both a blessing and a curse. On the one hand, it shows that the U.S. economy is back on the growth track after several months of weakness. On the other, this makes a December rate hike even more likely, especially after Federal Reserve Chair Janet Yellen made clear earlier in the week that the next meeting there is a "live" possibility for an increase.

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