Stocks ended the first trading session of September mostly higher, but off their highs after the latest jobs report showed the labor market is continuing to cool.
The Dow rose 116 points, or 0.3%. The S&P 500 gained 0.2% and the Nasdaq Composite lost 0.02%.
The US economy added 187,000 jobs in August, according to fresh data from the Bureau of Labor Statistics. That's above economists' expectations of a 170,000 gain but still a slowdown from the past two years of growth.
The unemployment rate rose to 3.8% from 3.5%. Economists expected the unemployment rate to stay steady.
"From a data-dependent Fed perspective, the economic data we have seen in August in conjunction with today’s jobs report certainly reinforces the idea that we have seen the last rate hike during this cycle," said Charlie Ripley, senior investment strategist at Allianz Investment Management.
All three major indexes gained for the week, continuing the market's rally from the prior week after stocks wavered for much of August.
Meanwhile, Lululemon shares gained 6% as the retailer reported an earnings beat after the close on Thursday.
Dell Technologies shares added 21% after beating top- and bottom-line expectations for its latest quarter.
Robinhood shares jumped 2% after the company repurchased $605 million worth of the company's shares that were once owned by fallen cryptocurrency exchange FTX's former chief executive Sam Bankman-Fried.
Walgreens Boots Alliance shares fell 7.4% after the company announced that CEO Rosalind Brewer has stepped down after just under three years in the role.
Tesla shares fell 5.1% as investors worried that the EV-maker's price slashes for some of its models would hurt its balance sheet.
As stocks settle after the trading day, levels might change slightly.