Bonds fell and the dollar rose as stronger-than-forecast employment growth soothed concern the US economy is poised to slow, stanching speculation the Federal Reserve will need to cut interest rates any time soon. Stocks hit fresh all-time highs.

Treasury two-year yields surged 10 basis points to 3.88%. Swap traders saw almost no chance of a July Fed cut, compared with a roughly 25% probability seen before the data. The chance of a move in September ebbed to about 70%. The S&P 500 climbed 0.8%. After the close of trading in a shortened pre-holiday session, the House passed President Donald Trump’s tax bill.

On a special pre-holiday edition of The Close, hosts Romaine Bostick and Matt Miller speak with:

- Bloomberg Opinion columnist Jonathan Levin

- Liz Ann Sonders, Charles Schwab managing director and chief investment strategist

- Patrick de Haan, head of petroleum analysis at GasBuddy

- Michael Balboni, former New York State Director of Homeland Security

- Scott Bessent, US Treasury Secretary

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