Stocks turned mixed Friday, paring gains at the end of the trading day to close at a positive start to the week.
After a surge earlier in the day, the Dow Jones industrial average lost around 88 points. The Standard & Poor’s 500, the benchmark most professional investors use to judge the stock market, closed higher. The Nasdaq composite closed at a new high.
A US jobs report on Friday showed job growth slowed in April, but most investors were focused on the forecast for Friday’s jobs report for May. Most analysts expect it to show that the economy added 110,000 jobs and wages continued to grow.
“We’re still in an environment of declining unemployment and rising wages, so it’s a positive indication to suggest that the next few months in economic growth will improve,” said Bruce McCain, chief investment strategist at Key Private Bank.
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“The payroll growth was actually pretty solid” compared with expectations, said Kate Warne, investment strategist at Edward Jones.
A measure of price swings in stocks settled at a six-month low Friday after the market fell early in the day.
The CBOE Volatility Index was at 15.73, down 1.2% from Thursday’s close. The VIX is a gauge of fear in the market.
The yield on the 10-year Treasury note rose to 2.71% from 2.69% on Thursday. The dollar lost ground against the Japanese yen, to 112.29 yen from 112.86 on Thursday. The euro strengthened slightly, to $1.1476 from $1.1464.
A year after a terrifying October crash, the markets have recovered well from their high-water mark.
“We’re looking to put the Trump rally on the table, but these guys aren’t going to come rushing back in,” Warne said.