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Utilities stocks, bonds slump after US reports hiring surge

FILE - In this Oct. 2, 2014, file photo, the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. U.S. employers added a vigorous 257,000 jobs in January, and wages jumped by the most in six years, evidence that the job market is accelerating closer to full health. The surprisingly robust report the government issued Friday, Feb. 6, 2015 also showed that hiring was far stronger in November and December than it had previously estimated. .(AP Photo/Richard Drew, File) FILE - In this Oct. 2, 2014, file photo, the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. U.S. employers added a vigorous 257,000 jobs in January, and wages jumped by the most in six years, evidence that the job market is accelerating closer to full health. The surprisingly robust report the government issued Friday, Feb. 6, 2015 also showed that hiring was far stronger in November and December than it had previously estimated. .(AP Photo/Richard Drew, File)

By Associated Press February 6, 2015 1 min read

NEW YORK (AP) – Stocks are ending slightly lower but they’re still closing out a strong week.

News of a burst of hiring at U.S. employers led investors to dump safe-play stocks with high dividends Friday in anticipation of higher interest rates and faster economic growth.

Utilities stocks slumped 4 percent, far more than other sectors.

Two other assets that investors favor during tough economic times, bonds and gold, also fell sharply.

The Dow Jones industrial average fell 60 points, or 0.3 percent, to 17,824.

The Standard & Poor’s 500 fell seven points, or 0.3 percent, to 2,055. The Nasdaq composite lost 20 points, or 0.4 percent, to 4,744.

Twitter and LinkedIn jumped after delivering strong results. Yelp and Pandora Media plunged.

The yield on the 10-year Treasury note rose sharply, to 1.95 percent.