U.S. stocks rose Friday after a strong February jobs report, with technology stocks leading the way.
Most parts of the market moved higher as investors waited for the Federal Reserve to meet next week. The central bank is almost universally expected to raise interest rates.
U.S. employers added 235,000 jobs in February, according to the Department of Labor. The gains in hiring and pay, along with higher consumer and business confidence since the November election, could lift spending and investment in coming months and accelerate economic growth.
Shares of technology, industrial and health care companies climbed while energy companies missed out on the rally as oil prices continued to fall.
“It was a solid report all around that reinforces that the economy is on solid footing,” said Sameer Samana, a strategist for the Wells Fargo Investment Institute. Samana said investors are glad to see continued hiring and more people seeking work, but they’re also glad the economy isn’t gaining strength too quickly. That might force the Fed to raise interest rates faster, with uncertain effects on the economy.
The Standard & Poor’s 500 index rose 7.73 points, or 0.3 percent, to 2,372.60. The Dow Jones industrial average gained 44.79 points, or 0.2 percent, to 20,902.98. The Nasdaq composite added 22.92 points, or 0.4 percent, to 5,861.73.