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The Dow Jones Industrials were little changed on Friday, notching a winning week as optimism about a short-term debt ceiling deal trumped a disappointing jobs report.
The 30-stock index listed lower 8.69 points on the day, to 34,764.25, but adding 437 points on the week, or 1.28%.
The S&P 500 dipped 8.42 points to 4,391.34, to improve 34 points, or 0.78% over the last five sessions.
The NASDAQ Composite let go of 74.48 points to 14,579.54, to pick up 12 points, or 0.9% on the week.
Energy stocks plowed higher on Friday as Exxon Mobil rose 2.5%, Chevron advanced 2.2% and ConocoPhillips added nearly 4.8%.
There was something for both bears and bulls in Friday’s jobs report, which explains the gyrations in stocks following the release. The headline number was a major disappointment as the economy added just 194,000 jobs in September, well below the Dow Jones estimate of 500,000, the Labor Department reported.
On the positive side, the unemployment rate itself fell to a much lower point than economists forecast. At 4.8%, that’s the same level seen in late 2016. Plus, August’s jobs report miss was also revised up to 366,000 compared to the initial read of 235,000.
A bleaker labour picture could stall the Federal Reserve, as it prepares to slow its $120 billion-per-month bond-buying program.
Wall Street is also preparing for third-quarter earnings season, which kicks off next week.
Prices for 10-year Treasurys lost ground, raising yields to 1.61% from Thursday’s 1.57%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.20 to $79.50 U.S. a barrel.
Gold prices weakened $2.50 to $1,756.70 U.S. an ounce.
