Stocks capped a positive week with small gains, maintaining a tight trading range Friday following a weaker-than-expected August jobs report and remarks by Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average DJIA, +0.26% rose around 70 points, or 0.3%, to end near 26,798, according to preliminary figures, while the S&P 500 SPX, +0.09% rose around 3 points, or 0.1%, to finish near 2,979. The Nasdaq Composite COMP, -0.17% bucked the trend, losing around 14 points to close near 8,103, off 0.2%. The Dow saw a weekly rise of 1.5%, while the S&P 500 and Nasdaq each gained around 1.8%. August nonfarm payrolls showed a rise of 130,000, short of the 170,000 expected, on average, by economists. The unemployment rate was unchanged at 3.7%. In closely watched remarks in Zurich, Switzerland, Powell said the August data fit into an overall picture of a healthy jobs market and economy. Economists said the August data virtually assured the Fed would deliver a quarter-point rate cut when policy makers meet later this month.
See Full Story Dow, S&P 500 book 3rd day of gains, as stock market caps off solid week despite tepid jobs report
The Dow and S&P 500 book slight gains on Friday, but the Nasdaq slumped, after a jobs report for August showed a fewer-than-expected 130,000 new jobs were created in the month. All three benchmarks finished sharply higher for the week.