US stocks post solid gains after strong jobs report

US stocks rose sharply on Friday, underpinned by a much stronger-than-expected US jobs report, with the S&P closing a striking distance of its record close.

The Dow Jones Industrial Average rose 251 points, or 1.4%, to end at 18,146. The S&P 500 climbed 32 points, or 1.53%, to end at 2,129.83, just below its record high close of 2,130.82 on May 21, 2015. The Nasdaq gained 80 points, or 1.64%, to close at 4,956.

US economy added 287,000 jobs in June, beating expectations of 175,000 and marking the strongest level since October. Meanwhile, However, the unemployment rate rose to 4.9% in June from 4.7% in May.

US major stock market indexes also ended higher for the week. The DJIA rose 1.21%, the S&P added 1.48% while the Nasdaq rallied 2.36%.