By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- The FTSE 100 was set for a gain of around 2.8% for the week, but Friday's session saw some backtracking as investors struggled to read better-than-expected U.S. jobs data.

London stocks failed to follow up from a blockbuster Thursday session. The FTSE 100 index logged its best one-day advance and percentage gain since fall 2011 on Thursday, rising 3%, or 191.80 points, to 6,421.67 after strong hints from the Bank of England that it will keep its monetary policy accommodative.

On Friday, the index declined 0.5% to 6,388.30, despite better-than-expected June jobs growth for the U.S. and upward revisions to data for the two previous months. Analysts said the data will keep the Fed on track for tapering its bond-buying program.

Several miners stepped back after posting strong gains on Thursday. Shares of Rio Tinto PLC (RIO) fell 4%, BHP Billiton PLC (BHP) declined 3.4% and Glencore Xstrata PLC tumbled 4.9%. Shares of Randgold Resources Ltd. fell 5% even as Nomura lifted shares to neutral from reduce.

Shares of Whitbread PLC fell nearly 3% after UBS strategists cut the firm to neutral from buy, after an investment day. "While we view the new brand and international expansion plans positively, we do not think these initiatives change the near-term outlook," said Jarrod Castle, analyst at UBS.

Shares of index heavyweight HSBC Holdings PLC (HBC) rose 0.3%, providing some support for the FTSE.

Goldman Sachs said in a note on Friday that it was advising going long U.K. equities and targeting 7,100 for the FTSE 100. The investment bank gave three reasons for its view: first, the U.K. economy looks to be on an upswing and second, monetary policy looks set to ease further, especially after Thursday's dovish statement from the Bank of England, led by new Governor Mark Carney.

"Third, our forecasts also envisage a gradual stabilization in euro area growth in the second half of the year. As one of the U.K.'s largest trading partners, the gradual improvement in growth here should also be a tailwind for the U.K. economy and U.K. markets," wrote economist Noah Weisberger in a note.

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