U.S. stocks rallied, sending the Dow Jones Industrial Average above 14.000 for the first time in five years, as investors` confidence surged on manufacturing and labor market data.
Stock equities soared after the U.S. Labor Department data showed payrolls rise by 157,000 following a revised 196,000 increase in the prior month and a 247,000 surge in November. The unemployment rate increased to 7.9 percent from 7.8 percent.
Additionally, the Institute for Supply Management reported manufacturing in the U.S. expanded more than expected in January, where its manufacturing index reached a nine-month high.
The Dow Jones Industrial Average reached above 14,000 for the first time since 2007, after having opened at 13.869, It advanced 1.08%.
The S&P 500 climbed 1% to a five-year high, after all 10 industry groups within the index advanced. The index closed at 1.513, after it opened at 1.498.
The NASDAQ composite closed 1.18% or 36.97 higher to 3.179.
On the other hand, oil prices rose on optimism over the U.S and European countries and China, as to the data that showed manufacturing activity expanding in January.
Also, tension across the Middle East, the world`s biggest oil producing region, has put Brent crude on track to its biggest weekly gain since mid-November, while U.S. crude is set to rise for an eighth straight week.
Brent oil was up 1.05% percent to $116.76. Light sweet crude oil prices advanced 0.29% to 97.77.