NEW YORK (TheStreet) -- The big news is out, as the U.S. economy added 280,000 jobs in May, topping economists' expectations for a gain of 225,000. At first, stocks declined on the notion that the Federal Reserve may hike interest rates sooner than expected.
However, with the S&P 500 back to flat on Friday's trading session, investors are pleased with the response.
"I think the market is responding very well to the jobs number," Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, said on CNBC's "Fast Money Halftime" show.
The results were good, added Josh Brown, CEO and co-founder of Ritholtz Wealth Management. The report walked a fine line, one where both bullish and bearish investors weren't left with many catalysts. In other words, the report showed improving signs in the economy without moving the stock market one way or the other.
Too good of a report would have investors fearful of a rate hike, while a poor result would have suggested that the labor market is failing to grow at a significant pace. This was a "great print" for the jobs result, said Rob Sechan, institutional consultant at UBS.
It's still "way too early" to tell if the Fed will raise in September, he added. As a result, it's likely that bond yields will slowly climb higher. While the traders are happy with the results, not everyone is smiling, at least when it comes to the long-term picture. "We're in the midst of one of the greatest credit booms ever, so that makes me very, very bullish for the next number of years," said Brian Reynolds, chief market strategist at New Albion Partners.