U.S. stocks mostly rose Friday after a better-than-expected jobs report showed the economy continuing to rebound but raised fresh questions about Federal Reserve policy.
The Dow Jones Industrial Average rose 0.4% and the S&P 500 rose 0.2% in 4 p.m. trading, both closing at fresh record highs. The Nasdaq Composite fell 0.4%.
The nonfarm payrolls report showed U.S. employers added jobs at the best pace in nearly a year and the unemployment rate fell sharply. The numbers alleviate some concerns about the impact the Delta variant of the coronavirus was having on the economy.
“We find it to be a very positive report,” said Saira Malik, chief investment officer at Nuveen. “This is the report the economic data have been signaling for months.”
The jobs report shows two encouraging signs in particular, said Andrew Zatlin of research firm SouthBay Research. The pace of white-collar jobs growth shows that offices continue to open up. The pace of services-sector jobs growth indicates that consumer spending is returning.