The Labor Department released its final jobs report for 2024 this morning. It showed another strong month of job growth, with 256,000 new payroll jobs reported.

President Joe Biden will end his term with a relatively healthy labor market as the United States added a surprising 256,000 jobs in December and the unemployment rate ticked down to 4.1%.

Wall Street on Friday erased all the gains made in the fledgling year, after a hotter-than-expected jobs report led to analysts and traders significantly dialing back their odds of further Federal Reserve rate cuts.

The U.S. dollar rallied across the board on Friday after data showed the world's largest economy created more jobs than expected last month, reinforcing expectations that the Federal Reserve will pause its rate-cutting cycle at its policy meeting later this month.

Wall Street stocks slumped and the dollar climbed on Friday as a robust US jobs report dimmed hopes of further interest rate cuts.