US stocks closed mixed on Friday as investors digested a hotter-than-expected jobs report ahead of the Federal Reserve’s December policy decision.

The US gained 263,000 jobs in November, 63,000 above the consensus estimate. The larger surprise was that average hourly earnings rose by 0.55%, the fastest pace since January.

That’s good news for American workers but bad news for investors. Higher wages add to higher inflation. That means that there will be increased pressure on the Fed to continue its regime of painful interest rate hikes to curtail inflation.

Markets still closed out the week higher after surging on Wednesday when Fed Chair Jerome Powell gave a speech that indicated the pace of rate hikes could slow starting as early as December.

The Dow closed up 35 points, or 0.1%.

The S&P 500 fell by 0.1%.

The Nasdaq Composite closed 0.2% lower.

For the week, the Dow was up 2.1%, the S&P 500 rose 1.1%, and the Nasdaq added 0.2%.

As stocks settle after the trading day, levels might still change slightly.