US stocks post weekly gains despite job figures sparking Fed fears

By Ovunc Kutlu

ISTANBUL (AA) - US stocks had a mixed close Friday but managed to post weekly gains despite job figures in November fueling fears of higher rate hikes from the Federal Reserve.

The US economy added 263,000 jobs in November, above estimates of a 200,000 gain, despite the Fed's aggressive monetary tightening to lower inflation and efforts to slow the labor market. Job additions for October were also revised up by 23,000, from 261,000 to 284,000.

Investors fret about a more aggressive stance from the Fed after the strong jobs report. For the Fed's next meeting on Dec. 13-14, the probability of raising rates by 75 basis points stood at less than 21% on Thursday. That number climbed to almost 28% before the opening bell Friday.

The Dow Jones rose 34 points, or 0.1%, to close at 34,429. The blue-chip index rose 0.2% for the week.

The S&P 500, on the other hand, fell 4 points, or 0.12%, to end the session at 4,071. It was up 1.1% this week.

The Nasdaq shed 20 points, or 0.18%, to finish at 11,461. The tech-heavy index soared 2.1% for the week.

The VIX volatility index, also known as the fear index, dove 4.1% to 19.03. The 10-year US Treasury yield fell 1.4% to 3.479%.

The dollar index fell 0.2% to 104.52, still around its highest in 20 years, while the euro rose 0.1% to $1.0535 against the greenback.

Precious metals were mixed. Gold was down 0.3% to $1,798 per ounce but silver gained 1.8% to $23.15.

Oil prices were down more than 1%. Global benchmark Brent crude was trading at $85.81 per barrel for a loss of 1.2%, while US benchmark West Texas Intermediate crude was around $80.17, down 1.3%.