The S&P 500 index edged up 0.1% last week as gainers led by the energy sector barely outweighed decliners guided by consumer discretionary stocks.
The S&P 500 ended Friday's session at 7,718.60. On Monday, the index concluded August with a 2.6% monthly gain. It's up nearly 13% for the year.
August jobs data showed the economy added almost triple the positions expected last month. Nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.
Bets rose for a September rate increase by the Federal Reserve's Federal Open Market Committee following the jobs report. As of Friday, markets were pricing in a 58% probability that the FOMC will raise its benchmark lending rate on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.
The energy sector had the largest percentage gain this week, up 2.3%, followed by a 1.1% rise in technology and a 0.7% increase in utilities. Health care also edged higher. The climb in the energy sector came as crude oil futures also rose on the week.
On the downside, consumer discretionary fell 2.1%, followed by a 1.6% drop in materials, a 1.3% loss in real estate and a 1.1% decline in industrials. Consumer staples, communication services and financials also moved lower.
The US stock market was closed on Monday for Labor Day.
Oracle (ORCL), Adobe (ADBE), Kroger (KR) and Macy's (M) are among the companies expected to release quarterly results later in the week.
Economic data will include the August consumer price index and producer price index.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
LPL Tracking #1171854