Gas prices dip around nation as cold weather returns

Gas prices dipped around the country as cold weather descended on parts of the nation following an unusually warm January. AAA shows the national average price for a gallon of regular gasoline was $3.49, down a penny from last week.

Analysts say the return of wintery conditions in February may result in the return of seasonal driving patterns, and prices may drop further if demand doesn’t spike and crude oil prices remain below $80 per barrel.

A surprising burst of US hiring in January

For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation’s worst inflation bout in four decades. The job market hasn’t been cooperating, as the government reported Friday that employers added a sizzling 517,000 jobs last month and that the unemployment rate dipped to 3.4%, the lowest level since 1969. The job gain was so large it left economists scratching their heads and wondering why the Fed’s aggressive interest rate hikes haven’t slowed hiring at a time when many foresee a recession nearing.

Wall Street rally hits wall of hot jobs

Wall Street’s rally hit a wall after a surprisingly strong jobs report fueled worries about inflation and higher interest rates. The S&P 500 fell 1% Friday for its first drop in four days. The bond market was more decisive in thinking the strong jobs data could push the Federal Reserve to stay firm on high interest rates, which hurt the economy and markets. Tech stocks also weighed on the market following profit reports that were weaker than expected. The Nasdaq gave back 1.6% and the Dow lost 0.4%.