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U.S. stocks advanced as strong jobs data indicated the U.S. economic growth was picking up momentum but not fast enough to warrant higher interest rates in June.
By the close the Dow Jones had rallied 267 points to 18191. The S&P 500 jumped 1.4% to 2116 while the NASDAQ climbed 1.2% to 2116.
U.S. job growth rebounded last month and the unemployment rate declined to a near seven-year low suggesting underlying strength in the economy at the start of the second quarter after growth hit a soft patch in the first.
Nonfarm payrolls in April increased by 223000 just below expectations while the unemployment rate dropped despite more people entering the job market.
However March payrolls were revised downwards to show only 85000 jobs created the least since June 2012.
Wage growth remains limited though with average hourly earnings rising 0.1 percent after a revised 0.2 percent March gain that was weaker than initially reported. Hourly pay was up 2.2 percent last month from a year earlier.
Wall Street round-up
AOL (NYSE:AOL) jumped 9.6 percent to $43.17 after the owner of the Huffington Post news website and the TechCrunch blog reported better-than-expected adjusted earnings and revenue in the first quarter helped by strong advertising business.
ADRs of Nokia (NYSE:NOK) advanced 3.1 percent to $6.93 after the Finnish communications-equipment maker reportedly received a bid of as much as $3 billion from car service operator Uber Technologies for its "Here" mapping service.
Salesforce.com (NYSE:CRM) fell 2.8 percent to $72.45 as Reuters citing two unidentified sources reported that Microsoft (NASDAQ:MSFT) has no plans to pursue a takeover of the provider of enterprise cloud computing solutions.
Nvidia (NASDAQ:NVDA) retreated 7.4 percent to $20.83 after the largest maker of chips for computer-graphics cards provided a forecast for second-quarter sales that missed analysts’ estimates.
ADRs of JD.com (NASDAQ:JD) rose 2.2 percent to $33.81 as China's No.2 e-commerce company's revenue topped analysts' expectation.
Monster Beverage (NASDAQ:MNST) fell 10.43 percent to 129.95 as the maker of energy drinks and teas reported first-quarter earnings and revenue that lagged behind forecasts.
CBS (NYSE:CBS) fell 0.7 percent to $60.82. CBS reported quarterly profit of $0.78 per share $0.03 above estimates with revenue slightly higher than forecasts. CBS benefited from higher revenue from affiliates and subscription fees.
Commodities
Gold for June delivery climbed 0.6 percent to settle at $1188 an ounce on Comex for a rise of 1.2 percent on the week.
West Texas Intermediate for June delivery rose 0.8 percent to $59.46 a barrel on the New York Mercantile Exchange.
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