Wall Street got the good news on jobs it was looking for today, which was enough to make up for yesterday's losses and move much of the market higher for the week.
The Labor Department reported the nation created 248,000 new jobs in May, which was well above what economists were expecting. Despite the strong job growth, the unemployment rate remained at 5.6 percent because of thousands of workers who had given up looking for work decided to put themselves back in the job market.
Today's report also revised jobs data for March and April to show that more jobs than previously reported were created during those months.
Three months in a row of strong job growth gave investors confidence in the strength of the economic recovery. But the trend also reinforced Wall Street's confidence that the Federal Reserve will be forced to raise interest rates later this month, which is not good news as far as stock prices are concerned.
In anticipation of the expected Fed decision, interest rates on government bonds have been climbing all week and are up 0.17 percent for the week, an unusually large advance.
Today stocks faded in the stretch but still ended the day higher.
The Nasdaq Stock Market composite index gained 18 points to 1,978.62. That was not enough to make up for Thursday's 29 points loss, so the Nasdaq composite ended the week down 8 points.
The Dow Jones industrial average climbed 47 points to 10,242.82, ending the week with a 54 point gain.
The Standard & Poor's 500 stock index was up almost six points to 1,122.51, which gave it a two point gain for the week.
Today Wall Street also made up for a major blunder that occurred yesterday when tech stocks tanked because two analysts predicted that Intel Corp. would cut back on its sales projections for this quarter.
Intel instead stuck by its previous estimates. The company's stock, which was the leading loser in several indexes the day before, was the leading winner in several indexes today.