"US stocks fell as investors reacted to a strong jobs report, with the Dow dropping by more than 500 points, or 1.2%. The economy added 256,000 jobs in December, significantly exceeding expectations of around 153,000 jobs. The yield on the 10-year US Treasury spiked to 4.762%, its highest point since fall 2023. Bank of America economists stated that the Fed cutting cycle is over, calling the jobs report the 'straw that broke the camel's back'."