US stocks close mixed after jobs report

NEW YORK, Aug. 5 (Xinhua) — US stocks ended mixed on Friday as Wall Street assessed the latest data on the US labor market.

The Dow Jones Industrial Average increased 76.65 points, or 0.23 percent, to 32,803.47. The S&P 500 fell 6.75 points, or 0.16 percent, to 4,145.19. The Nasdaq Composite Index decreased 63.03 points, or 0.50 percent, to 12,657.55.

Six of the 11 primary S&P 500 sectors ended in the red, with consumer discretionary and communication services down 1.66 percent and 0.88 percent, respectively, leading the laggards. Energy rose 2.04 percent, the best-performing group.

The US Labor Department reported Friday that US employers added 528,000 new jobs in July, exceeding expectations. The unemployment rate edged down to 3.5 percent, lower than economists’ estimate of 3.6 percent.

The report ignited worries about more aggressive rate hikes from the Fed.

“From a monetary policy perspective, strong job growth on top of too-high inflation is plenty of reason to keep tightening policy,” Chris Low, chief economist at FHN Financial, said Friday in a note.

For the week, the Dow lost 0.1 percent, while the S&P 500 and the tech-heavy Nasdaq rose 0.4 percent and 2.2 percent, respectively.

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