Wall Street tumbles again as strong jobs growth fuels rate hike fears

The Dow Jones Industrial Average was down 375.98 points, or 1.14%, at 32,621.99

US stock indexes extended losses for a second day on Friday as elevated US Treasury yields dragged growth shares after stronger-than-expected jobs data amplified investor fears of bigger interest rate hikes to tame surging prices.

The Labor Department's report showed nonfarm payrolls increased by 428,000 jobs in April, while economists polled by Reuters had expected 391,000 job additions.

Unemployment rate remained unchanged at 3.6% in the month, while average hourly earnings increased 0.3% against forecast of a 0.4% rise. The data underscored the economy's strong fundamentals despite a contraction in gross domestic product in the first quarter.

"No big surprises