Stocks wavered Friday in a volatile trading session after the July jobs report was much better than expected, as investors assessed what a strong labor market would mean for the Federal Reserve’s rate tightening campaign. The Dow Jones Industrial Average gained 0.23%, to end at 32,803.47. Even with Friday’s gains, however, it fell on the week. The S&P 500 shed 0.16% to end at 4,145.19, and the Nasdaq Composite lost 0.50% Friday, falling to 12,657.56. Still, both the S&P 500 and the Nasdaq ended the first week of August higher. The labor market added 528,000 jobs in July, easily beating a Dow Jones estimate of a 258,000 increase. The unemployment rate ticked down to 3.5%, below the 3.6% estimate. Wage growth also rose more than estimated, up 0.5% for the month and 5.2% higher than a year ago, signaling that high inflation is likely still a problem. Friday’s jobs report is a crucial one as it’s one of two the central bank will see before it decides how much to raise rates at its September meeting. Indeed, traders are already betting on a tougher stance from the Fed. Policy makers will have another jobs report and two more consumer price index numbers to weigh before the central bank makes its next rate decision.