Stocks jumped from the opening on Wall Street Friday, and traders put on party hats and a wave of buying helped the Standard and Poor's 500 index close above 1,600 for the first time. A surprisingly good jobs report sent stocks higher.
Stocks overcame a morning slide to finish modestly higher, giving the Standard & Poor's 500 index another record close. Worries about slower economic growth have rattled stocks this month, but they have consistently bounced back.
Stocks closed higher on Wall Street but only after giving up much of the ground they won earlier in the day. Good news on jobless claims and healthy earnings from name-brand companies like Royal Caribbean and Harley-Davidson encouraged investors to buy stocks.