S&P 500, Nasdaq notch best week in over a month as stocks jump after blowout jobs number

U.S. stock indexes rallied on Friday to finish the volatile trading week in the green as Wall Street debated on whether a blockbuster surge in jobs created last month could make the Federal Reserve raise interest rates again this year, though wages growth are moderating. The S&P 500 SPX, +1.18% advanced a modest 0.5% for the week with the benchmark index snapping its four-week losing streak, while the Dow Jones Industrial Average DJIA, +0.87% was down 0.3% and the Nasdaq Composite COMP, +1.

On Friday, September jobs report showed the economy created 336,000 jobs last month, nearly twice the number expected, but the unemployment rate held steady at 3.8%, and hourly wages rose a mild 0.2% to mark their slowest annual growth rate in 18 months. A stronger-than-expected nonfarm payrolls report Friday triggered a renewed round of selling in the U.S. bond market, with the yield on the 10-year Treasury TMUBMUSD10Y, 4.788% up 5 basis points to 5.077%, after touching an intraday high of 5.

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