U.S. stocks wavered 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 0.5% and the S&P 500 rose 0.1%, putting the broad stocks gauge on course for a muted weekly advance. The Nasdaq Composite fell 0.7%.
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 report also renewed the debate over whether a strong economy would force the Federal Reserve to move up the timeline for altering its monetary policy.
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