A blowout jobs report on Friday helped to push the S&P 500 back to record highs and back into positive territory for the first week of August.

The S&P 500 has added 0.43% since Monday, the Dow Jones Industrial Average gained 0.60%, and the Nasdaq was up 1.14%.

Both the S&P 500 and the Nasdaq scored new record high closes on Friday.

The U.S. economy added 255,000 jobs in July, the Labor Department reported on Friday, blowing past estimates of 185,000. June and May's gains were also increased even higher.

The better-than-expected read and higher revisions eased concerns over the health of the U.S. economy, while increasing the chances of a Federal Reserve rate hike sooner than later. The Fed's Federal Open Market Committee will next meet in September.

"On the whole, this morning's strong July employment report indicates that labor market health remains intact and, in our view, reduces near-term recession risk for the U.S. economy," Jesse Hurwitz, U.S. economist at Barclays Capital, wrote in a note. "Furthermore, the print should boost FOMC members' confidence in the outlook."

Other economic data out over the week offered supporting evidence of a stronger U.S. economy. The services sector continued to expand at a solid pace in July, according to the latest ISM Non-Manufacturing Index. U.S. consumer spending in June rose for the third month in a row, reported the Bureau of Economic Analysis, capping off the strongest quarter since the financial crisis.

Crude oil moved markets for much of the week, tumbling to its lowest level since April at the beginning of the week before rebounding and stabilizing towards the end. Commodity bears had pulled West Texas Intermediate crude oil lower on signs of increasing domestic production, ballooning supply, and compounding output in key oil-producing countries overseas.

West Texas Intermediate ended Friday with weekly gains of 0.5%, settling at $41.87 a barrel. Crude slipped below $40 earlier in the week.

Auto sales in July disappointed, a rare miss after months of blowout growth. Ford (F - Get Report) declined 4% after reporting an unexpected 3% drop in overall sales in July, dragged down by a 9.3% decline in car sales. General Motors (GM - Get Report) also reported a decline in sales in July, though at a far slower pace than many expected. Fiat Chrysler (FCAU - Get Report) reported anemic July sales growth of just 0.3%, far less than a forecast 2.2% increase.

"Several automakers struggled to increase volume last month, despite two extra sales days in July and rising incentives on many models," Karl Brauer, senior analyst for Kelley Blue Brook, wrote in a statement. "The industry's six-year sales streak is clearly plateauing, though plateauing at a rate above 17 million annual sales isn't the worst place to be."

Wall Street entered the final leg of the second-quarter earnings season this week, finishing Friday with nearly 90% of S&P 500 having reported on their recent performance. This season, 70% of companies that have reported have exceeded analysts' estimates, according to Thomson Reuters. Tech companies, in particular, have been a standout over the second quarter with major companies including Alphabet (GOOGL - Get Report) and Facebook (FB - Get Report) breezing past estimates.

Positive earnings this week included LinkedIn (LNKD) which topped estimates in its recent quarter as it continued to boost its paid-for premium membership. LinkedIn is set to be acquired by Microsoft (MSFT - Get Report) , a deal expected to close this year.

Priceline (PCLN) reported a solid second quarter and guided for in-line third-quarter profit. Gross travel bookings climbed 19%, above estimates. Time Warner (TWX) rose nearly 3% after surpassed quarterly profit estimates and disclosed it had invested in a 10% stake in streaming service Hulu.

Pfizer (PFE - Get Report) bested analysts' estimates in its recent quarter thanks to sales growth in its innovative health division, which holds treatments including quit-smoking aid Champix. CVS (CVS - Get Report) upped its adjusted earnings forecast for the full year. Second-quarter results missed estimates, though, as the pharmacy chain worked to pay down debt.

Tesla Motors (TSLA - Get Report) was among those which issued disappointing earnings. The company reported a wider-than-expected loss in its recent quarter, its 13th straight quarter of losses. The electric automaker reported an adjusted net loss of $1.06 a share, more than double the loss of a year earlier, and far steeper than an expected loss of 59 cents a share.

A weaker box office in the second quarter proved problematic for media companies with film studios. Viacom (VIAB - Get Report) reported a 27% drop in quarterly profits, dragged on by increased costs and a box-office flop in its Teenage Mutant Ninja Turtles franchise. 21st Century Fox's (FOXA)  filmed-entertainment revenue from The Martian and Deadpool failed to catch up with blockbusters Dawn of the Planet of the Apes and The Maze Runner of a year earlier.