The Dow added about a third of a percent, the S&P climbed one percent and the Nasdaq gained one-and-three-quarters percent.

The nonfarm payrolls report from the Labor Department showed the U.S. added 353,000 jobs in January, blasting past analysts' estimates, while wage growth unexpectedly heated up.

Stocks rose - and notched their fourth straight week of gains - despite the fact that the strong jobs numbers reduced the chance that the Federal Reserve will cut interest rates any time soon.

In earnings news, shares of Meta Platforms surged more than 20% to a record high after issuing its first dividend days ahead of the 20th anniversary of its Facebook unit.

Amazon shares jumped roughly 8% following a fourth-quarter revenue beat as new generative artificial intelligence features in cloud and ecommerce businesses spurred robust growth during the year-end holidays.

Nancy Daoud, private wealth advisor at Ameriprise Financial, is optimistic about stocks this year, but says Big Tech may have big swings due to big expectations for AI.

"We are very optimistic about the S&P but, you know, one school of thought says we're going to go to 5200 and the other side of the coin says we're going to go to 3900. Our guess is that it's probably going to be somewhere in between, but not without the biggest swings, especially in the technology sector, where AI is still feeling its way into the arena here. And there's so much volatility in that sector."

Microchip Technology dropped more than 1.5% in the wake of the chipmaker's disappointing sales forecast.

Two hundred and thirty companies in the S&P 500 having reported quarterly earnings so far. According to LSEG data, 80% have of them have beaten Wall Street's expectations.