Wall Street Indexes Surge on Strong Jobs Data

US stocks closed higher on Friday as a strong jobs report suggested a healthy economy, possibly delaying interest rate cuts by the Federal Reserve. All major S&P 500 sectors advanced, with communication services, industrials, and technology leading the gains.

The Labor Department reported robust hiring in March, signaling a solid end to the first quarter. Tom Plumb, president of Plumb Funds, noted the report's indication of economic stability and reduced recession fears, potentially affecting rate cut timing.

The Dow Jones Industrial Average surged 307.06 points (0.80%), the S&P 500 rose 57.13 points (1.11%), and the Nasdaq Composite gained 199.44 points (1.24%).

However, weekly indexes showed declines due to mixed economic data, including a soft services activity report. For the week, the Dow fell 2.3%, the S&P 500 dropped 1%, and the Nasdaq declined 0.8%.

Money markets adjusted rate cut expectations to around two cuts this year, down from three previously. Tesla's shares bucked the trend, falling 3.6% amid reports of canceling a low-cost car model.

Among gainers, Krispy Kreme rose 7.3% following an upgrade by Piper Sandler analysts, while Shockwave Medical gained 2% after Johnson & Johnson announced its acquisition for $12.5 billion.

Trading volume on US exchanges was slightly lower than the 20-day average. Advancing issues outnumbered declining ones on both NYSE and Nasdaq.

The S&P 500 and Nasdaq recorded new highs, while the Nasdaq also marked new lows.