NEW YORK: The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with high-flying chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.

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       The S&P and Nasdaq briefly hit intraday record highs but started to lose steam late morning. The Philadelphia Semiconductor Index sharply underperformed and ended the day down 4% after touching an intraday record high.