Wall Street ends winning week with mixed close on jobs data

NEW YORK (AP) — Wall Street capped a winning week with a sputtering finish Friday, as stocks waffled following a stronger-than-expected report on the U.S. jobs market.

The S&P 500 slipped 0.1% after earlier flipping between a loss of 0.9% and a gain of 0.4%. Despite its weak finish, the benchmark index delivered just its third winning week in the last 14.

The surprisingly strong jobs report showed that employers are continuing to hire despite worries about a possible recession. However, the hotter the economy remains, the more likely the Federal Reserve is to continue raising interest rates sharply in its fight against inflation.

Treasury yields shot higher immediately after the release of the jobs data, underscoring expectations of Fed rate hikes, but then eased back. The yield on the two-year Treasury jumped as high as 3.15% from 3.03% late Thursday, but it then moderated to 3.11%. The 10-year yield, which influences rates on mortgages and other consumer loans, rose 3.08% from 3% a day earlier.

The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite rose 0.1% after swinging between a loss of 1.2% and a 0.6% gain. The technology and other high-growth companies that make up a big chunk of the Nasdaq index have been some of the most vulnerable to rising rates recently. Both indexes also notched a gain for the week, something that's been rare in recent months as the market's downturn gained momentum.

“Today we just have a little reversal, because rates popped over 3% on this strong employment report," said Jay Hatfield, CEO of Infrastructure Capital Advisors.

Wall Street’s key concern centers around the Federal Reserve’s effort to rein in inflation, and the risk its plan could send the economy into a recession.

The central bank has already hiked...