NEW YORK (TheStreet) -- Stocks were trading mixed on Friday with the S&P 500 slightly lower as Wall Street was torn as to whether a blowout nonfarm payrolls report was a good thing for equities or not.
The S&P 500 was down 0.03%, the Dow Jones Industrial Average fell 0.26%, while the Nasdaq rose 0.26%. All benchmark indexes were on track for a weekly loss.
Crude oil prices staged a late-day rally on Friday with West Texas Intermediate closing 2% higher to $59.13 a barrel. The commodity was 1.9% lower for the week, its first weekly loss in 12 weeks after a selloff on Thursday.
Earlier moves had been muted after Organization of Petroleum Exporting Countries maintained its production target after meeting in Vienna on Friday. The group held production at 30 billion barrels a day despite the global oil market having seen prices plummet since last July.
"This outcome was widely expected ... but the announcement re-instills in us the certainty of a perpetuated oil glut going forward," said Daniel Holder, commodity analyst at Schneider Electric.
For economists, the jobs report reinforced views first-quarter softness was an aberration and not indicative of a fundamental slowdown in the U.S. economy. On the other hand, the jobs report heralded fears the Federal Reserve will feel more confident raising rates sooner than later.
"For the Fed this is encouraging news and will help to mitigate concerns about the slowdown in the first quarter," said Michelle Girard, chief economist at RBS. "They will no doubt like to see more evidence suggesting growth is firmly back on an uptrend before beginning to hike rates. Thus, we remain comfortable with our call for the first rate hike in September."