Jobs Report Brings Out Bulls

Updated from 4:30 p.m. EDT

Stocks jumped Friday after a stronger-than-expected report on U.S. job growth helped soothe fears of a broad economic slowdown.

The Dow Jones Industrial Average rose 91.70 points, or 0.66%, to 14,066.01, having touched a record intraday high of 14,124.54. The S&P 500 added 14.75 points, or 0.96%, to 1557.59, an all-time closing high.

The Nasdaq Composite surged 46.75 points, or 1.71%, to 2780.32, boosted by a strong earnings report from big tech name Research In Motion(RIMM Quote).

Paul Nolte, director of investments with Hinsdale Associates, said that even though the averages lost some steam before the close, it was a positive end to a strong week that may carry over to next week, when earnings season unofficially kicks off with Alcoa's (AA Quote) report Tuesday.

"The earnings reports next week may actually trump estimates and the market will sustain," said Nolte. "Expectations are pretty low and investors have discounted the financial sector, so we may look at the other sectors like industrials and health care do."

The major indices notched their fourth winning week in a row. The Dow added 1.2%, the S&P 500 climbed 2%, and the Nasdaq jumped 2.9% for the week.

Breadth was overwhelmingly positive Friday. On the New York Stock Exchange 3.04 billion shares changed hands, as advancers topped decliners by a 3-to-1 margin. Volume on the Nasdaq reached 2.02 billion shares, with winners outpacing losers nearly 7 to 3.