Too much of a good thing? That was the question many traders were asking at the end of an event-filled week in which major averages rose smartly.

Friday's employment report was far and away the dominant event in a week also featuring OPEC's production cut; the European Central Bank's decision to leave rates unchanged; earnings news both good (from the likes of Best Buy ( BBY)) and bad ( QLogic ( QLGC)); and a settlement between longtime rivals Sun Microsystems ( SUNW) and Microsoft ( MSFT).

The surprisingly strong March payrolls data -- growth of 308,000 vs. expectations of 123,000 plus upward revisions to January and February -- reverberated through financial markets Friday, boosting equities and the dollar while hurting Treasuries and commodities.

The Dow Jones Industrial Average rose 0.9% to 10,470.59, ending the week up 2.5%, while the S&P 500 gained 0.9% to 1141.80, up 3% for the week. The Nasdaq Composite climbed 2.1% to 2057.17, ending the week up 4.9%.

The dollar stemmed a weeklong stumble vs. the Japanese yen Friday while the euro fell to $1.2132 Friday vs. $1.2353 Thursday. Gold prices, meanwhile, slid 1.5% to $422.50 per ounce Friday, ending the week up 0.2%.

Meanwhile, the price of the benchmark 10-year Treasury note tumbled 2 3/32 to 98 28/32, its yield rising to 4.14%. For the week, the 10-year's yields, which moves in opposition to its price, rose 31 basis points.

Treasuries clearly reacted to the employment data, which raised the possibility the Federal Reserve will tighten sooner before later.

"I don't believe the Fed is going to tighten at its next meeting, but Friday's employment number surely has got people thinking about rates," said Donald Straszheim, president of Straszheim Global Advisors in Santa Monica, Calif. "I wouldn't be surprised if we see the Fed tighten this year."

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