Stocks closed out the week with a bang, with the S&P 500 finishing above 1,600 and the Dow briefly topping 15,000 for the first time, as Wall Street cheered a better-than-expected April nonfarm payrolls report.
All three major indexes logged sharp gains for the week.
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"We put two weeks together in a row to the upside in about eight weeks…so that' the good news," said Art Hogan, managing director at Lazard Capital Markets. "But the bad news is that we've run out of catalysts next week—earnings season is virtually over and the macro is very quiet."
"But those that have been looking for a pullback, we've tried to give catalyst to this market to pullback and it hasn't worked," said Hogan, noting that the market has yet to see declines of greater than 3 percent this year. "That tells us that 'sell in May' is not going to work this year and I Think we're going to continue this grind higher."
(Read More: Stocks Soar on Jobs Data, But Economic Dangers Lurk)
The Dow Jones Industrial Average shot up 142.38 points, or 0.96 percent, to close at 14,973.96, propelled by Caterpillar and Alcoa, earlier crossing above 15,000 for the first time. It took the blue-chip index nearly six years to cross 15,000 after it first topped 14,000.
The S&P 500 soared 16.83 points, or 1.05 percent, to finish at 1,614.42. And the Nasdaq rallied 38.01 points, or 1.14 percent, to end at 3,378.63. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slumped below 13.
For the week, the Dow jumped 1.78 percent, the S&P 500 advanced 2.03 percent, and the Nasdaq surged 3.03 percent. Microsoft was the best weekly performer on the Dow, while Merck lagged.
Among the key S&P sectors, techs led the weekly sectors gainers, while utilities weighed.
U.S. employers added 165,000 jobs in April, according to the Labor Department, while the unemployment rate fell to a four-year low of 7.5 percent. Economists in a Reuters poll expected a reading of 145,000 and unemployment to hold steady at 7.6 percent. Non-farm payrolls came in at a disappointing 88,000 in March.
(Read More: Jobs Report: That Was Embarrassing...)
But the unemployment rate remained well above the 6.5 percent level at which the central bank has said it will start raising interest rates. On Wednesday, the Fed said it was prepared to "increase or reduce" the monthly pace of its $85 billion in bond purchases, depending on economic conditions.
"The [jobs] number beat consensus and also importantly, the revision from last month tells the story of a not-as-sluggish labor market," said Troy Logan, managing director and senior economist at Warren Financial Service. "However, the unemployment rate is still high. So that tells us that the Fed is going to continue with its accommodative policy–that means we have Fed support, which is good for asset prices and a jobs market which is not getting worse."
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"Adding to that, earlier this week, we saw that housing price levels have actually gone up," said Logan. "So in our view, the U.S. real estate market bottomed in 2012 and we're clearly on an upward trend in 2013."
And global markets cheered the employment report, with European shares turning decisively higher and the dollar jumping against the euro and the yen. Oil prices rallied, while gold, often viewed as a safe haven, slid near $1,460 an ounce. Treasury prices also declined.
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Mining stocks including Freeport McMoRan were among the biggest gainers, as copper prices posted the strongest daily gain in almost 1-1/2 years.
However, other economic reports were not as encouraging. The rate of growth in the U.S. services sector slowed in April, according to the Institute for Supply Management, hitting its weakest pace in nine months. And factory orders posted their biggest decline in seven months, according to the Commerce Department.
But Wall Street largely shrugged off both weaker-than-expected data.
Among earnings, AIG rallied after the insurer reported earnings that exceeded Wall Street expectations, while revenue missed slightly.
LinkedIn posted quarterly results that topped expectations. But shares of the social-networking giant plunged after the company projected current-quarter revenue below consensus, disappointing analysts who expected growth to continue at its recent pace.
(Read More: Cramer: Here's Why LinkedIn Is Getting Creamed)
Earnings from Berkshire Hathaway will be in focus after the closing bell.
More than 80 percent of S&P 500 companies have posted quarterly results so far, with 68 percent topping earnings expectations and 21 percent missing forecasts, according to Reuters. If all remaining companies post numbers in line with estimates, earnings will be up 5.2 percent on last year.
But on average, sales have come in 1 percent below estimates, with only 46 percent of companies beating their revenue projections.
With earnings season coming to an end, Walt Disney is the only Dow component slated to report next week. Other notable S&P 500 companies expected to post results include Electronic Arts, Whole Foods, Dean Foods, Activision Blizzard, Nvidia and Priceline.com.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
On Tap Next Week:
MONDAY: Flash crash anniversary; Earnings from Sysco, Tyson Foods, Anadarko, First Solar
TUESDAY: 3-yr note auction, consumer credit, Noka annual mtg; Earnings from HSBC, DirecTV, Discovery Comm., Walt Disney, Electronic Arts, Marathon Oil, Symantec, Trip Advisor, WholeFoods, Live Nation, WebMD, Zillow
WEDNESDAY: MBA mortgage applications, Fed's Stein speaks, oil inventories, 10-yr note auction, BofA shareholder mtg; Earnings from Toyota, Liberty Interactive, Liberty Media, AOL, Sodastream, Wendy's, Activision Blizzard, Green Mountain Coffee, Groupon, Monster BEverage, NewsCorp, Tesla Motors, Transocean
THURSDAY: BoE announcement, Fed's Lacker speaks, jobless claims, wholesale inventories, natural gas inventories, 30-yr bond auction, Fed's Plosser speaks, Fed balance sheet/money supply, Barclays's investor mtg, Ford annual mtg, weekly rail numbers, chain store sales; Earnings from Dean Foods, Dish Network, Sony, Nvidia, Priceline.com
FRIDAY: Fed's Evans speaks, Bernanke speaks, Fed's George speaks, Treasury budget, G-8 mtg; Earnings from ArcelorMittal, GoldFields
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