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%.

US stocks slid Friday as investors digested a better-than-expected jobs report that soured expectations of future rate cuts from the Federal Reserve. The Dow dropped by nearly 700 points, or 1.6%; while the S&P 500 fell by 1.

"Markets tried to front-run the Fed on the level of interest rates and are now paying the price," Jamie Cox of Harris Financial Group said.

Global stocks fell while U.S. Treasury yields rose on Friday after a stronger-than-expected jobs data reinforced expectations that the Federal Reserve will likely keep interest rates elevated for longer than traders were betting on.

The latest snapshot of the US labor market affirmed what Federal Reserve officials have made clear in recent days: Interest-rate cuts are on hold for the foreseeable future.