U.S. stocks rose Friday, posting modest weekly gains, after the monthly employment report showed the labor market continued its slow recovery in May.
Stocks started off the week wavering between small gains and losses, before momentum picked up on the week’s final trading day.
One factor that helped break the lull: the May jobs report. Labor Department data released Friday showed the U.S. economy added slightly fewer jobs than economists had expected, while the unemployment rate fell more than expected. Together, the mixed data offered investors one main takeaway: the labor market is improving, but not at a pace that will make the Federal Reserve rush to pare back additional support from the economy.
“Nothing from today is going to move the needle for the Fed imminently,” said James McCann, deputy chief economist at Aberdeen Standard Investments, in emailed comments.