Payroll growth of 200,000 during January, reported by the Bureau of Labor Statistics, outpaced economists’ projections of 175,000, while hourly earnings increased almost 3 percent. That pushed the likelihood that the Federal Reserve will raise short-term interest rates at its March meeting up five percentage points compared with the start of the week.

The central bank has already signed off on five 25 basis-point hikes since late 2015 after keeping rates near zero for seven years following the 2008 financial crisis, and another increase of the same size would take them to a range of 1.5 percent to 1.75 percent.