The U.S. economy reported a better-than-expected job report on Friday, sending the U.S. stocks higher.
Nonfarm payrolls increased by 313,000 in February, according to a Labor Department report Friday. Economists surveyed by Reuters had projected that the economy to add 200,000 jobs. The increase in February nonfarm payrolls was the biggest since July 2016.
Payrolls in the previous two months were also revised higher. Payrolls in January were revised to 239,000 from 200,000. While December payrolls were revised from 160,000 to 175,000.
The unemployment rate was unchanged and remain low at 4.1 percent in February.
"The underlying economic growth is quite strong, but there's no real pressures from a wages and inflation standpoint," said Greg Peters, senior investment officer at PGIM Fixed Income, according to CNBC, "It's very good for risk assets."
The U.S. stocks were traded higher after the strong job report. The Dow Jones industrial average rose 272 points, or 1.09 percent, in the early trading on Friday. The S&P 500 gained 1 percent. While the Nasdaq composite rose 1.17 percent to 7,513.99, hitting a new all-time high.
"As far as the market is concerned, you couldn't have scripted it any better," said JJ Kinahan, chief market strategist at TD Ameritrade. But "it still remains a mystery how you can create these many jobs and not have wages go up more."