S&P 500 surges to record closing high on earnings, robust data

The S&P 500 climbed 1.07% to end the session at 4,958.61 points. The Nasdaq gained 1.74% to 15,628.95 points, while the Dow rose 0.35% to 38,654.42 points. — Reuters

NEW YORK: US stocks ended sharply higher on Friday and the S&P 500 registered an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy, even while lowering the likelihood that the Federal Reserve will cut interest rates any time soon.

The rally capped a tumultuous week filled with high profile earnings, a Fed rate decision, and renewed jitters over regional banking weakness.