The Dow surged 142.38 points, or 0.96 percent, to 14,973.96 points. The S and P 500 soared 16.83 points, or 1.05 percent, to 1,614. 42 points. The Nasdaq Composite Index leapt 38.01 points, or 1.14 percent, to 3,378.63 points.
For the week, the Dow jumped 1.78 percent and the S and P 500 climbed 2.03 percent while the Nasdaq was up 3.03 percent.
U.S. unemployment rate edged down to 7.5 percent in April, its lowest level since December 2008, the Labor Department said Friday. Meanwhile, total nonfarm payroll employment rose by 165,000 in April, topping analysts' forecasts, it added.
The S and P 500 on Thursday set a record closing high, as last week ' s jobless claims figure unexpectedly fell to a five-year low.
Good corporate earnings and easing monetary policies from global central banks added momentum to the market rally.
Shares of American International Group Inc. jumped 5.67 percent to 44.52 dollars a share one day after the New York-based insurance company reported first-quarter earnings that beat analysts' estimates.
The European Central Bank on Thursday cut its benchmark refinancing rate by 25 basis points to a record low of 0.5 percent. Meanwhile, the U.S. Federal Reserve kept its stimulus policy in place after its two-day policy meeting on Wednesday.
Other data out on Friday came in negative, but it seemed the market does not care about them and moved higher.
The U.S. non-manufacturing PMI decreased to 53.1 in April from 54.4 in March, the lowest in nine months, according to the Institute for Supply Management. Any reading above 50 means expansion.
New orders for manufactured goods in March dropped 4.0 percent, the biggest decline in seven months, which followed a 1.9 percent increase in the prior month, the U.S. Commerce Department reported Friday.
After the strong rally, the stock market will see a dip in May, Joseph C. Greco, managing director-tradingandsales of Meridian Equity Partners, told Xinhua in a telephone interview. He didn't expect the market to reverse the seasonal market pattern of "sell in May and go away."
The U.S. stock market has posted a strong rally since the start of this year, with the Dow and the S and P 500 repeatedly setting new highs since March. Year to date, the Dow, the S and P 500 and the Nasdaq were up 14.27 percent, 13.20 percent and 11.89 percent respectively.
Greco predicted that the equity market would be lower at the end of this year from now, believing there was a bit of bubble in the stock market.
On other markets, oil prices rose on Friday amid better U.S. employment in April.
Light, sweet crude for June delivery jumped 1.62 dollars, or 1. 72 percent to settle at 95.61 dollars a barrel on the New York Mercantile Exchange. Brent for June delivery added 1.34 dollars, or 1.3 percent to close at 104.19 dollars a barrel.
The U.S. dollar was traded mixed against major currencies on Friday. The dollar rose almost 1 percent versus the yen boosted by the U.S. job data. However, the euro recovered some losses from the previous session.
In late New York trading, the euro rose to 1.3109 dollars from 1.3057 dollars of the previous session and the British pound increased to 1.5564 dollars from 1.5532 dollars. The Australian dollar rose to 1.0314 dollars from 1.0257 dollars.
The dollar bought 99.03 Japanese yen, higher than 97.96 yen of the previous session. It edged up to 0.9359 Swiss francs from 0. 9352 Swiss francs and went up to 1.0079 Canadian dollars from 1. 0076 Canadian dollars of the previous trading day.(Xinhua-ANI)
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