Wall Street advanced on Friday after a better-than-expected jobs report lifted investor optimism on the economy but gains were checked after data showed services sector activity slowed.
Wall Street initially climbed more than 1 percent after the Labor Department said employment fell for a third straight month in August, but the job losses were far less than expected. Also, private employers added more staff than forecast.
The major indexes trimmed gains after the Institute for Supply Management said the U.S. non-manufacturing sector grew in August for an eighth straight month but at a slower pace and below forecast.
The jobs number is obviously a much bigger number for the market than the ISM number, but I wouldn't completely ignore it, said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.
It's not a great number and shows we are still bumping along the bottom here, really.
The Dow Jones industrial average <.DJI> gained 80 points, or 0.78 percent, to 10,400.10. The Standard & Poor's 500 Index <.SPX> rose 9.47 points, or 0.87 percent, to 1,099.57. The Nasdaq Composite Index <.IXIC> advanced 22.60 points, or 1.03 percent, to 2,222.61.
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Celldex Therapeutics Inc
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)