04:31 PM EDT, 04/05/2024 (MT Newswires) -- US benchmark equity indexes closed higher Friday as traders assessed official data showing that the economy added more jobs in March than projected.

The Nasdaq Composite rose 1.2% to 16,248.5, while the S&P 500 advanced 1.1% to 5,204.3. The Dow Jones Industrial Average added 0.8% to 38,904. Communication services jumped 1.6%, with all sectors posting gains.

For the week, the Dow slumped 2.3%, while the S&P 500 declined 1%. The Nasdaq shed 0.8%.

Total US nonfarm payrolls climbed by 303,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 214,000 gain, according to a survey compiled by Bloomberg. The unemployment rate came in at 3.8%, meeting market expectations but down from 3.9% in February.

"With the labor market still strong and the economy humming, the (Federal Open Market Committee) can afford to be patient and wait for clearer signs that inflation is on a sustainable path back to 2% before dialing back the policy rate," TD Economics said in a note.

Separately, Oxford Economics said it now expects the FOMC to start lowering its benchmark lending rate in June rather than in May, citing the labor market strength and "lingering worries" about inflation among policymakers.

The US two-year yield jumped 10.9 basis points to 4.75% Friday, while the 10-year rate gained 9.1 basis points to 4.4%.

Fed Governor Michelle Bowman said the FOMC may consider raising rates if progress on inflation stalls or reverses, while hinting at the possibility of landing at a higher federal funds baseline than before the pandemic.

Separately, Dallas Fed President Lorie Logan said it's likely "much too soon to think" about easing monetary policy amid potential upside inflation risks. "I will need to see more of the uncertainty resolved about which economic path we're on."

West Texas Intermediate crude oil rose 0.1% to $86.69 per barrel Friday.

In company news, Johnson & Johnson ( JNJ ) agreed to acquire Shockwave Medical ( SWAV ) in an all-cash deal with an enterprise value of about $13.1 billion, as the pharmaceutical giant seeks to strengthen its MedTech cardiovascular portfolio. Shockwave shares advanced 2%, while Johnson & Johnson ( JNJ ) closed 0.1% lower.

Enphase Energy ( ENPH ) shares dropped 7.1%, the steepest decline on the S&P 500, as Citigroup downgraded the stock to neutral from buy and cut its price target to $121 from $126.

The company said in a Thursday filing that David Ranhoff will step down as chief commercial officer, effective June 30, and will transition to a part-time role as a commercial adviser.

Gold rose 1.5% to $2,342.80 per troy ounce, while silver gained 1% to $27.51 per ounce.