04:30 PM EDT, 10/04/2024 (MT Newswires) -- The Dow Jones Industrial Average closed at all-time high and Treasury yields surged Friday after official data showed the economy added more jobs than projected in September.

The Dow increased 0.8% to 42,352.8, while the Nasdaq Composite rose 1.2% to 18,137.9. The S&P 500 advanced 0.9% to 5,751.1. Financials and consumer discretionary led the gainers among sectors. Only real estate and utilities closed lower.

For the week, the S&P 500 gained 0.2%, while the Dow and the Nasdaq closed 0.1% higher each.

In economic news, total nonfarm payrolls in the US climbed by 254,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 150,000 increase, according to a survey compiled by Bloomberg. The unemployment rate declined to 4.1% from August's 4.2%, which was the market view for September.

Last month, the Federal Reserve cut its benchmark lending rate by 50 basis points to a range of 4.75% to 5%. The latest jobs report makes another 50-basis-point reduction unlikely, Oxford Economics said, adding that the Fed is seen delivering 25-basis-point cuts in each of November and December.

The probability that the central bank's Federal Open Market Committee will lower interest rates by 25 basis points next month surged to 99% Friday from 68% Thursday, while the odds of a 50-basis-point cut slid to zero from 32%, according to the CME FedWatch tool.

The US two-year yield soared 21.2 basis points to 3.93%, while the 10-year rate jumped 12.1 basis points to 3.97%.

The International Longshoremen's Association has ended its strike across the East and Gulf Coast ports after reaching a tentative agreement on wages with the United States Maritime Alliance. The parties agreed to extend their contract through Jan. 15.

West Texas Intermediate crude oil gained 1% to $74.46 a barrel.

"Oil prices rose and were on track for significant weekly gains as investors weighed the potential for a wider Middle East conflict to disrupt crude flows against a well-supplied global market," D.A. Davidson said in a note to clients.

In company news, Boeing ( BA ) and a negotiating committee of the International Association of Machinists and Aerospace Workers will meet the Federal Mediation and Conciliation Services Monday to resume contract negotiations, IAM Union District 751 said Friday. The plane maker's shares gained 3%, among the best performers on the Dow.

Homebuilders D.R. Horton ( DHI ) , Lennar ( LEN ) and PulteGroup ( PHM ) were among the steepest decliners on the S&P 500, down more than 2.4% each.

Rivian Automotive's ( RIVN ) Q3 vehicle production and deliveries missed analyst estimates amid a supply shortage, prompting the electric vehicle maker to lower its full-year output guidance. The company's shares declined 3.2%.

Gold fell 0.3% to $2,671.70 per troy ounce. Silver was little changed at $32.46 per ounce.