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Stocks rallied to three-month highs, snapping a four-day losing streak, after today’s jobs report was better than anticipated but still left the door open to additional Federal Reserve measures to stoke growth. Markets also appeared more confident the European Central Bank will act to contain the euro zone debt crisis.
The Dow Jones Industrial Average,S&P 500 and Nasdaq ended sharply higher, erasing losses for the week.
The Dow jumped 217.29 points, or 1.69 percent, to close at 13096.17, while the S&P 500 surged 25.99 points, or 1.90 percent, to end at 1390.99. The Nasdaq gained 58.13 points, or 2 percent, to finish the week at 2967.90.
For the week, the Dow rose 0.17 percent, the S&P added 0.36 percent and the Nasdaq advanced 0.33 percent.
Hewlett-Packard led the blue-chip gainers, while Verizon underperformed.
Financials, energy and industrials were the best performing S&P sectors.
U.S. oil futures topped $91 a barrel for the first time in two weeks, surging over 4 percent to post the biggest one-day gain for oil prices since June 29.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 16.
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