Dow gains 700 points as stocks log biggest advance in 5 weeks

U.S. stocks logged their biggest daily advance in more than 5 weeks on Friday as investors reacted to data showing the labor market and wage growth finally starting to cool. The S&P 500
SPX,
+2.28%
gained roughly 87 points, or 2.3%, to finish at 3,895 as the index snapped a four-week losing streak. The Dow Jones Industrial Average
DJIA,
+2.13%
climbed 700 points, or 2.1%, to finish at roughly 33,630. The Nasdaq Composite
COMP,
+2.56%
advanced 264 points, or 1.6%, 10,569. Labor Department data showed the U.S. economy added 233,000 jobs last month, which was fewer than the prior month, while beating economists’ expectations for 200,000 new jobs. Wages grew by a modest 0.3% last month.