By David French
(Reuters) – Wall Street closed little changed on Friday after a volatile session, as investors sought to understand how a strong jobs report would affect the U.S. Federal Reserve and its plans to raise rates aggressively.
The S&P 500 index ended 0.08% lower at 3,899.38 points. The Dow Jones fell 0.15% to 31,338.15. The Nasdaq Composite gained 0.12% to 11,635.31 points.
Despite the day’s volatility, the Nasdaq advanced for a fifth session in a row — the longest stretch of gains since early November — and the three major indexes rose solidly in a week shortened by the U.S. Independence Day holiday.
U.S. Labor Department data showed nonfarm payrolls added 372,000 jobs in June, up from 268,000 jobs estimated by economists in a Reuters poll.
After a brutal first half, US stock markets started July on a firmer footing, with investors relieved by signs of a moderate cycle of central bank interest rate hikes amid worries about a decompression in commodity prices and a possible recession.
For the week, the Nasdaq gained 4.5%, while the S&P 500 and Dow Jones gained 1.9% and 0.8%, respectively.
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