Stocks close mixed but post 6-week win streak
"I think (the report) does increase the chance the Fed hikes in December but of course there's one more report before then and other data. I think investors should take this as good news," said Kate Warne, investment strategist at Edward Jones.
"It's a combination of, we've seen stocks move up in the last five weeks and there's likely to be some profit taking as people worry if the Fed does start hiking, conditions won't be as favorable as they have been in the last five years," Warne said of some of the pressure on equities.
Despite mixed performance Friday, the three major indexes rose nearly 1 percent or more for the week, their sixth-straight week of gains.
That is the longest win streak for the major averages since late last year.
The S&P ended the week up 0.95 percent, while the Nasdaq composite gained 1.85 percent for the week.
Utilities ended about 3.6 percent lower, dragging down the S&P 500. Financials led advancers with gains of about 1 percent, after briefly rising more than 1.5 percent.
Major average 1-week performance
"Long term it's clear the economy is stronger and equities will be back. I think the market's viewing December is (in) the rearview mirror at this point. The market's looking at what's the next move," said John Bredemus, vice president, Allianz Investment Management.