Major U.S. stock indices rose Friday after investors priced in a jobs report that showed continued resilience in hiring but slowing wage growth, which could help the Federal Reserve in its fight against inflation. Treasuries rose.

Major world stock indices — what’s going on?

The S&P 500 maintained its gains, with about 93% of its stocks rising, even after traders heard from several Fed officials Friday who continued to sound hawkish. The Nasdaq 100 technology index jumped 2.1%. Tesla Inc. was up after falling 7.7 percent earlier.

Treasury yields fell — with the policy-sensitive two-year Treasury bond rate falling 21 basis points — after data showed that the U.S. services index unexpectedly contracted at the end of 2022. The dollar index fell.

December’s jobs report didn’t provide a clear picture of the state of the U.S. labor market the day after two jobs figures showed continued tightness. Hiring exceeded estimates for the month and unemployment fell to its lowest level in decades. Traders are pondering how that strength contrasts with weaker hourly wage growth and what that means for future Fed policy.

“The new 53-year low in the unemployment rate is a real concern, suggesting that the Fed has made zero progress in reducing labor market tightness in 2022,” wrote Chris Lowe, chief economist at FHN Financial. — But the combination of lower November average hourly earnings and lower-than-expected December growth gives the FOMC more time.”

Fed Chair Lisa Cook acknowledged that inflation is declining, but said it remains too high for the central bank. Atlanta Fed President Rafael Bostic reiterated the central bank’s determination to keep raising rates, saying that while it is too early to say inflation is peaking, the data are encouraging. He said he was open to another half-point hike at the next meeting.

Earlier we reported that the dollar tried to assert itself, but failed.