NEW YORK (CNNMoney) -- U.S. stocks opened mixed Friday, as investors digested a disappointing jobs report but hoped the weakness would prompt the Federal Reserve to jumpstart the slowing economy with stimulus when it meets next week.
The Dow Jones industrial average and S&P 500 edged slightly higher while the Nasdaq slipped.
The Labor Department reported that 96,000 jobs were added in August, well below the 120,000 jobs that the economists surveyed by CNNMoney were looking for. The Labor Department also revised the job creation estimates for June and July, painting an even bleaker picture.
The unemployment rate ticked down to 8.1% from 8.3%, but only as a result of a significant drop in the number of people looking for jobs. Economists were expecting the jobless rate to hold steady at 8.3%.
After several positive reports on the labor market Thursday that came in higher than economists had anticipated, investors were hopeful that Friday's jobs report would continue to show an improvement.
"Whatever sense of optimism had been generated by those comparatively positive signs may not be completely dashed by this report, but it certainly puts a damper on that mood," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors.
These numbers are particularly important to investors this month, since it will likely influence the Federal Reserve's decision on whether to announce more quantitative easing at the conclusion of its next meeting on Sept. 12-13.
"In recent months, the Fed appears to have been closely weighing whether or not to take additional steps to provide additional stimulus, but has seemingly been lacking consensus within the committee on whether or not such steps are warranted at this point," said Baird. "Today's disappointing report certainly increased the odds that the Fed will take action when it meets next week."
Investors flocked to U.S. Treasuries, sending the yield on the 10-year note to 1.64%.
U.S. stocks surged Thursday, with all three major indexes closing at the highest levels in years, following strong jobs data and the announcement of the European Central Bank's bond-buying program, aimed at aiding countries with unsustainable borrowing costs.
World Markets: European stocks rose in morning trading, a day after the ECB's bond plan announcement. Britain's FTSE 100 ticked up 0.2%, the DAX in Germany added 0.8% and France's CAC 40 gained 1.1%.
Related: ECB outlines bond-buying program
Asian markets surged on hopes that the Chinese government will take measures to stimulate the country's stagnating economy. The Shanghai Composite soared 3.7%, the Hang Seng in Hong Kong jumped 3.1%, and Japan's Nikkei rose 2.2%.
Companies: Intel Corp (INTC, Fortune 500) lowered its guidance for third-quarter revenue, citing "weaker than expected demand in a challenging macroeconomic environment." Shares slid more than 2% on the news.
Shares of Pandora (P) plunged 20% after Apple (AAPL, Fortune 500) announced that it plans to launch a competing live streaming music option.
Related: Apple could buy 60 Pandoras
Gunmaker Smith & Wesson Holding Corp (SWHC) reported earnings and raised its full-year forecast Thursday, sending shares surging almost 20%
Shares of Amazon (AMZN, Fortune 500) ticked higher after the company unveiled four new tablets on Thursday. Despite the new products, much of the Amazon chatter focused on what the company didn't announce: a new phone.
Currencies and commodities: The dollar lost ground against the euro, the British pound and the Japanese yen.
Oil for October delivery fell 35 cents to $95.18 a barrel.
Gold futures for December delivery rose $26.20 to $1731.80 an ounce.
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