The Dow Jones Industrial Average surged 829 points or 3.15 percent, while the S&P 500 jumped 2.62 percent.
New economy stocks helped the tech-heavy Nasdaq touch an intraday all-time high of 9,842, but the index closed just under that level with a gain of 2.06 percent.
Amazon, Microsoft and Apple, which hit a fresh record, all contributed to the gains lifting the Nasdaq 100 Index.
The U.S. economy added 2.51 million jobs in May as the unemployment rate fell to 13.3 percent, according to a report released Friday morning by the Labor Department. Wall Street analysts surveyed by Refinitv were expecting the economy to lose 8 million jobs as the unemployment rate spiked to 19.8 percent.
President Trump, who posted an enthusiastic tweet afterward, praised the strength of the U.S. economy in a Rose Garden news conference and said 2021 would be its best year yet. Read more at FOX Business