Stocks jumped Friday, with the Nasdaq and S&P 500 passing all-time closing highs, after the government reported a better-than-expected 255,000 jobs were created in July. That strong number confirms the labor market remains strong after a May dip and the consumer-led economy is on solid footing, upbeat developments that could impact the timetable for interest rate hikes from the Federal Reserve.

The Nasdaq composite ended up 1.1% to 5221.12, topping its record close of 5218.86, set more than a year ago ― July 20, 2015. The broad Standard & Poor’s 500 stock index closed 0.9% higher to 2182.87. That’s a few points above its all time closing high of 2175.03, set July 22. CONTINUE