The S&P 500 logged its biggest one-day gain on Friday to cap off a turbulent trading day, after the latest jobs report revealed a surge in hiring last month.
The S&P 500 and Nasdaq Composite gained for the week, while the Dow fell. Still, all three major indexes are up for the year.
The US economy added 336,000 jobs last month, above economists' expectations of 170,000 jobs.
Stocks initially sold off on the news, but staged a midday rally as investors continued to parse the data.
"Markets are recovering from this morning’s swoon as investors choose to focus on the positive areas within the payroll report," José Torres, senior economist at Interactive Brokers, wrote in a Friday note.
Average hourly earnings rose by 0.2% last month from August, below last year's 4.2% increases. That's below economists' expectations of a monthly increase of 0.3% and annual uptick of 4.3%, according to Refinitiv.
Treasury yields also retreated from multi-year highs, easing the pressure on stocks.
The Consumer Price Index and Producer Price Index inflation reports are set for release next week, and that data could be crucial for the Federal Reserve in deciding whether to pause or hike interest rates at its next policy meeting, which concludes November 1.
Friday's jobs report did little to sway Wall Street's opinion on what decision the Fed will make: Markets see a roughly 71% chance that the Fed holds rates steady at its next meeting, according to the CME FedWatch Tool.
The Dow rose 288 points, or 0.9%.
The S&P 500 gained 1.2%.
The Nasdaq Composite added 1.6%.
As stocks settle after the trading day, levels might change slightly.