MARKET SNAPSHOT: U.S. Stocks Rise; S&P 500, Dow Top Record Level

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose on Friday following an upbeat jobs report, sending the S&P 500 and the Dow Jones Industrial Average to record levels.

All three main indexes were on track to post weekly gains.

The S&P 500 (SPX) added 7 points, or 0.4%, to 1,891.03, topping its previous record closing level. The Dow Jones Industrial Average (DJI) rose 50 points, or 0.3%, to 16,609.31, also surpassing its previous closing level.

The Nasdaq Composite (RIXF) rose 12 points, or 0.3%, to 4,140.43.

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"The headline number was much better than expected, confirming that a harsh winter slowed the economy down. But in the end, the solid gains in jobs growth did not matter, as an improvement was already priced in," said Kate Warne, investment strategist at Edward Jones.

"The economy is improving, but not fast enough for the Fed to change long-term policy. It looks like there are no changes in the long-term view in bond markets either," she added.

The U.S. generated 288,000 jobs in April -- the biggest increase in more than two years -- and the unemployment rate fell to 6.3%, a strong performance that suggests the economy is accelerating after tepid first-quarter growth. The unemployment rate is the lowest since September 2008.

Separately, orders for goods produced in U.S. factories rose 1.1% in March, the U.S. Commerce Department said Friday.

On the corporate side, shares of LinkedIn Corp. (LNKD) dropped 4.6% after the online networking service said late Thursday it swung to a loss of $13.32 million, or 11 cents a share, in the first quarter from a profit of $22.6 million, or 20 cents a share, a year ago.

Expedia Inc. (EXPE) dropped 1.7% after the travel site late Thursday said its first-quarter loss narrowed to $14.3 million.

Merck & Co. Inc. (MRK) slipped 1.2% after reports German drug maker Bayer AG is in exclusive talks to buy Merck's consumer-health care unit for $14 billion.

Wynn Resorts Ltd. (WYNN) shares rose 6.7%. after the company said late Thursday its first-quarter adjusted earnings rose to $2.32 a share, above analyst expectations.

Akamai Technologies Inc. (AKAM) shares rose 1.6% after the company's first-quarter earnings beat expectations.

U.S.-listed shares of Royal Bank of Scotland Group PLC (RBS) jumped 9% after the bank said Friday its first-quarter profit rose, as it attempts to reduce costs by focusing on its U.K. operations.

InvenSense Inc. (INVN) shares dropped 6.3% after the company said late Thursday it swung to a fiscal fourth-quarter loss.

In other financial markets, European stock markets wobbled around the flat line, while Asian bourses closed mixed.

After the jobs data, the dollar (DXY) jumped against the Japanese yen. 10-year Treasury yield rose to 2.65%. Gold (GCM4) prices came under pressure after the jobs report, but managed to firm. Oil prices (CLM4) almost reclaimed the $100-a-barrel level.

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