Liu Jie/Xinhua via Getty Images
- US stocks rose Friday, but all three of the major indices are headed for weekly losses.
- Earlier data showing an unexpectedly tight labor market raised fears of another rate hike.
- Dovish comments from New York Fed President John Williams helped ease some concerns.
US stocks rose Friday, though all three of the major indices are headed for weekly losses after earlier data pointed to an unexpectedly tight labor market.
So far for the week, the Nasdaq is down 2%, the S&P 500 is 1.4% lower, and the Dow Jones Industrial Average is off 1%.
On Thursday, weekly jobless claims dropped to 216,000 from 228,000, against expectations of a rise. Added to that, unit labor cost growth in the second quarter was revised to 2.2%, up from an earlier 1.6% reading.