Stocks pulled off a modest gain Friday after an early blast from a surprisingly good jobs report and then a subsequent retreat as the dollar gained strength.
The Dow Jones Industrial Average gained 22.75, or 0.2 percent, to close at 10,388.90, after being up more than 100 points in morning trading. The S&P 500 added 0.6 percent and the Nasdaq jumped 1 percent.
All three indexes finished the week higher, with the Nasdaq the best of the three.
Utilities, telecoms and financials were the week's best performers. Out of 10 key S&P sector indexes, energy was the only decliner.
Boeing had the most positive impact on the Dow this week, up more than 4 percent. Year to date American Express remains the Dow's best performer — the stock has more than doubled.
The big news of the week was that US employers slashed just 11,000 jobs from nonfarm payrolls in November, the smallest decline since the start of the recession in December 2007. The five-digit number caused more than a few doubletakes on Wall Street as many wondered if there was a digit left off that number and it was really 111,000 — more in-line with recent figures.
In addition to the encouraging payrolls reading, the unemployment rate dropped to 10 percent from 10.2 percent.
"We're almost back to normal," Chris Rupkey, chief financial economist at Bank of Tokyo/Mistubishi UFJ, said after the jobs report. "The economy is lifting at a much greater rate than expected."