04:59 PM EST, 12/06/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed at all-time highs Friday as official data showed the economy added more jobs than projected in November.

The technology-heavy Nasdaq rose 0.8% to 19,859.8, while the S&P 500 gained 0.3% to 6,090.3. The Dow Jones Industrial Average fell 0.3% to 44,642.5. Consumer discretionary led the gainers among sectors, while energy saw the biggest drop.

For the week, the Nasdaq jumped 3.3%, while the S&P 500 increased 1%. The Dow dropped 0.6%

In economic news, total nonfarm payrolls in the US climbed by 227,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 220,000 increase, according to a survey compiled by Bloomberg. The unemployment rate rose to 4.2% from October's 4.1%, which was the market view for last month.

The Federal Reserve is still expected to lower interest rates by 25 basis points Dec. 18, though policymakers are expected to "proceed more cautiously in 2025 and skip cutting rates in January," Oxford Economics said.

Cleveland Fed President Beth Hammack said the Federal Open Market Committee is likely at or near the point where "it makes sense" to slow the pace of monetary policy easing. "Moving slowly will allow us to calibrate policy to the appropriately restrictive level over time given the underlying strength in the economy," Hammack said.

US consumer sentiment reached the highest level in seven months, while year-ahead inflation expectations hit the highest reading in six months, preliminary December results from the University of Michigan's Surveys of Consumers showed.

The US two-year yield fell 4.8 basis points to 4.1% Friday, while the 10-year rate dropped 3.3 basis points to 4.15%.

In company news, Lululemon Athletica ( LULU ) shares jumped nearly 16%, the best performer on the S&P 500 and the Nasdaq. The athletic apparel and footwear company late Thursday logged stronger-than-expected fiscal third-quarter results as it benefitted from momentum in international markets.

Ulta Beauty ( ULTA ) was among the top gainers on the S&P 500 Friday, up 9%. The beauty retailer late Thursday delivered a fiscal third-quarter beat.

UnitedHealth Group ( UNH ) shares fell 5.1%, the steepest decline on the Dow and the S&P 500.

Cooper Cos ( COO ). (COO) was the second-worst performer on the S&P 500, down 4.4%, after the company's fiscal 2025 outlook fell short of Wall Street's views late Thursday.

West Texas Intermediate crude oil dropped 1.7% to $67.17 a barrel Friday.

"Oil fell with concerns over weak demand taking center stage after the (Organization of the Petroleum Exporting Countries and its allies) delayed planned supply increases and extended significant output cuts until the end of 2026," D.A. Davidson said in a note to clients.

Gold rose 0.2% to $2,653.50 per troy ounce, while silver lost 0.2% to $31.49 per ounce.