NEW YORK (MarketWatch) -- U.S. stocks are likely facing another wild ride in the week ahead, with the underlying trends decidedly bearish following Friday's unemployment report that the jobless rate has spiked to 6.1%.

"I think it's very hard in the very volatile environment we're in, to predict what is going to happen on any given day," said Edmund Hyland, managing director and global investment specialist at J.P. Morgan Chase Private Bank, a unit of J.P. Morgan Chase & Co.

Equities investors seem to be lurching between "varying degrees of despair," said Hyland.

On Friday, U.S. stocks finished mostly higher, but posted steep weekly losses, as the market took in a big jump in the unemployment rate in August, which supported a bleak view of the economy

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