By DAMIAN J. TROISE, Associated Press Business Writer NEW YORK (AP) — Wall Street gained ground Friday following a robust jobs report, signaling continued economic resilience and bolstering investor confidence. The S&P 500 index surged 1.2% in morning trading, demonstrating significant market momentum and marking a second consecutive week of positive gains. The benchmark index is currently on track to close strongly, reflecting broader market optimism. The Dow Jones Industrial Average also experienced a substantial rally, adding 555 points, or 1.3%, as of 10:02 a.m. Eastern time, further highlighting the day’s market strength. The Nasdaq composite index followed suit, rising 1.3%, showcasing widespread participation across the technology sector. These gains were remarkably broad-based, with virtually every sector within the S&P 500 experiencing upward movement, underscoring the market’s overall health. Notably, technology stocks, driven by their considerable market capitalization, provided the most significant boost to the market’s performance. Leading the charge was chipmaker Nvidia, which jumped 1.6%, capitalizing on ongoing demand for semiconductors. Apple, the iconic iPhone maker, also contributed significantly, rising 1.9%, reflecting continued consumer interest in its products. Tesla experienced a strong rebound, regaining considerable ground lost on Thursday following a heated exchange between former President Donald Trump and Elon Musk on social media. This recovery suggests a shift in sentiment and highlights the company’s sensitivity to public discourse.

The U.S. job market demonstrated a nuanced picture, with employers slowing their hiring pace last month, adding 139,000 jobs despite lingering uncertainty surrounding President Trump’s trade war policies. This resilient job market performance reaffirmed the market’s underlying strength, despite concerns voiced by businesses and consumers regarding the potential impact of tariffs on goods entering and exiting the U.S., as well as its key trading partners. The ongoing trade tensions and associated tariffs continue to exert a notable influence on corporate strategy and investor outlook. Lululemon faced significant headwinds, plunging 19.4%, following a disappointing earnings announcement. The maker of yoga apparel lowered its profit expectations late Thursday, attempting to mitigate the adverse effects of tariffs while contending with increased competition from emerging, start-up brands. This decline illustrates the vulnerability of certain sectors to trade-related pressures and changing consumer preferences. A range of other companies, spanning diverse industries from retailers to airlines, have issued cautionary warnings to investors, anticipating potential revenue and profit declines attributable to rising costs and potentially reduced consumer spending due to tariffs. The market’s recent rally is, in part, fueled by hopes that President Trump will reduce tariffs following the conclusion of trade agreements with various nations. This development has been a key driver of the S&P 500’s dramatic recovery from a roughly 20% decline observed over the preceding two months, bringing the index back within 2.1% of its all-time high.

In the bond market, Treasury yields experienced upward pressure. The yield on the 10-year Treasury rose to 4.47% from 4.39% at the close of trading on Thursday, reflecting increased demand for U.S. debt. The two-year Treasury yield, a key indicator of Federal Reserve policy expectations, climbed to 4.00% from 3.92% on Thursday. Markets in Asia presented a mixed picture, while markets in Europe were largely higher. AP writers Elaine Kurtenbach and Matt Ott contributed to this report.