Wall Street and the Treasury market ended the first week of 2007 with sharp losses today after a surprising surge in new jobs and wages diminished investors’ hopes for an interest rate cut.

Wall Street extended its rebound to a third session today, ending with a moderate advance after personal consumption data bolstered the outlook for the economy and interest rates. The major indexes finished the week with solid gains.

Stocks in the United States ended an erratic session mixed today as investors weighed slightly higher oil prices against strong earnings from companies including Verizon Communications Inc and Texas Instruments Inc.