All three major stock market indexes closed at records Friday after the U.S. economy added more jobs than expected in June and hourly wage increases were below forecasts, giving rise to the belief the Federal Reserve won't be hiking interest rates anytime soon.
The Dow Jones Industrial Average finished up 152 points, or 0.44%, to 34,786, the S&P 500 gained 0.75% and the Nasdaq closed up 0.81%.
The S&P 500 and Nasdaq also set intraday all-time highs on Friday.
The Labor Department said Friday that 850,000 new jobs were created last month, the highest in 10 months, and the unemployment rate ticked higher to 5.9% from 5.8%. The monthly jobs report is the most closely watched economic indicator of any month.
Hourly wages rose just 0.3% in June, below economists' estimates, and 3.6% year over year.
The yield on the benchmark 10-year Treasury note fell to 1.427% on Friday.
Traders were eyeing the jobs report for indications on when the Federal Reserve might begin pulling back on support, which has served as an underpinning for the stock market's recent gains.
"From a market perspective, this was an all-out positive jobs report," said Seema Shah, chief strategist at Principal Global Investors.
"While the stronger-than-expected payroll number signals a continued buoyant recovery, the rise in unemployment rate suggests some slack in the market and, therefore, hopefully some respite for the Fed hawks.
"The 'will they, won’t they' Fed question still stands, but at least (Friday's) number isn’t triggering major navel gazing," Shah added.
Wall Street kicked off Friday with the S&P 500 closing at a record Thursday - its fourth in a row - following data that showed the number of Americans filing for first-time unemployment benefits declined more than expected and U.S. manufacturing expanded but at a slower pace.
The S&P 500 has risen for seven straight sessions.
U.S. oil prices traded just above $75 a barrel early Friday after the United Arab Emirates, a key member of the OPEC+ alliance, balked at an agreement that ultimately could mean the group won't be increasing production at all, Bloomberg reported, citing a delegate.
Tesla (TSLA) - Get Report, the electric vehicle maker, reported stronger-than-expected vehicle deliveries for the second quarter, topping 200,000 for the first time in history, paced by China demand for its mid-priced Model 3 sedan.
Tesla delivered 201,250 new cars over the three months ended in June, the company said Friday, more than double (up 122%) the year-earlier figure and 9% higher than 184,870 in the first quarter.
The stock finished up 0.1% on Friday to $678.90.