STORY: The S&P 500 and Nasdaq notched more record closing highs on Friday... with jobs data fueling expectations the Federal Reserve would cut interest rates later this month.

However, the Dow didn't fare as well... dipping almost three-tenths of a percent, while the S&P 500 rose a quarter of a percent and the Nasdaq added eight-tenths of a percent.

The Labor Department's nonfarm payrolls report showed job growth climbed in November, and the unemployment rate increased slightly.

Eric Lynch is managing director of Scharf Investments.

"It was a Goldilocks report, because it was strong but not too strong. 227,000 new jobs, slight beat to estimates. [FLASH] So it wasn't too hot probably to dissuade the Fed from cutting this expected 25 bps later this month. But it wasn't so poor that people are really concerned about a drastically slowing economy."

Stocks on the move Friday included Lululemon, which soared nearly 16% after the sportswear maker increased full-year forecasts.

Another consumer discretionary stock, Ulta Beauty, rose 9% after the cosmetics retailer raised its annual profit forecast.

Shares of UnitedHealth dropped another 5%, two days after Brian Thompson, CEO of the company's health insurance unit, was fatally shot outside a Manhattan hotel. Other health insurance companies also declined.

And shares of Facebook-owner Meta Platforms gained more than 2% after a federal appeals court upheld a law requiring China-based ByteDance to divest TikTok by early next year or face a ban in the U.S.