STOCKS HIT RECORD HIGH
U.S. stocks traded higher on Friday after the release of stronger-than-expected employment data.
The Nasdaq composite advanced 1.5 percent and hit an all-time high, erasing the losses from last month's correction. The Nasdaq 100, which is made up of the 100 largest companies in the Nasdaq composite, also reached a record high. Friday marked the first time since Jan. 26 that either index reached a record high.
Shares of Facebook, Amazon, Netflix and Google all rose to help the indexes rise.
The Dow Jones industrial average rose 400 points, with Goldman Sachs among the biggest contributors of gains to the index. Goldman traded 1.5 percent higher after a report said CEO Lloyd Blankfein is preparing to leave the company by year-end.
The S&P 500 gained 1.5 percent, with financials as the best-performing sector.
"This jobs report was the perfect slice of pizza," Kevin Mahn, president and chief investment officer at Hennion & Walsh, told CNBC's "Power Lunch" on Friday. "It did reaffirm the underlying strength of this economy, but it also diminished some of those inflationary concerns and the potential that there could be more than three rate hikes this year."
The U.S. economy added 313,000 jobs in February, according to the Bureau of Labor Statistics. Economists polled by Reuters expected a gain of 200,000.
Wages, meanwhile, grew less than expected, rising 2.6 percent on an annualized basis. Stronger-than-expected wage growth helped spark a market correction in the previous month.
"As far as the market is concerned, you couldn't have scripted it any better," said JJ Kinahan, chief market strategist at TD Ameritrade. But "it still remains a mystery how you can create these many jobs and not have wages go up more."
The moves Friday came after Wall Street finished on a positive note on Thursday, following more developments concerning tariffs.Read More...