Wall Street gyrates to muted close as investors weigh jobs data in rate debate

Wall Street experienced a tumultuous session on Friday that saw investors trying to understand how a strong jobs data would affect the U.S. Federal Reserve and its intentions to swiftly raise interest rates.

Despite the day's volatility, the Nasdaq recorded its fifth straight gain, which is the longest winning streak since the beginning of November

All three indexes also ended the week, which was cut short by the Independence Day vacation, strongly higher

According to a Reuters survey of economists, the Labor Department's eagerly expected statistics revealed nonfarm payrolls increased by 372,000 jobs in June

exceeding the predicted increase of 268,000 jobs.

The survey also revealed that average hourly wages increased by 0.3 percent after increasing by 0.4 percent in May, while the unemployment rate held steady at 3.6 percent, close to pre-pandemic lows.

Raphael Bostic, president of the Atlanta Federal Reserve, who until recently was one of the central bank's most dovish policymakers

declared on Friday that he "totally" supported another rate increase of 75 basis points later this month.