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U.S. stocks climbed on Friday, buoyed by a stronger-than-expected jobs report that eased concerns about an economic slowdown and pushed the S&P 500 toward a milestone not seen in over two decades.

The benchmark index rose 1.13 percent, setting it up for a ninth straight day of gains — a feat last accomplished in November 2004. The Dow Jones Industrial Average rallied 421 points, or 1 percent, while the tech-heavy Nasdaq Composite added 1.2 percent.

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Fresh labour market data provided the market with a shot of optimism. Employers added 177,000 jobs in April, comfortably topping economists’ forecast of 133,000, although still down from March’s 228,000 figure. The unemployment rate held steady at 4.2 percent, matching expectations.

The upbeat report comes on the heels of a mixed batch of economic readings this week, including a first-quarter GDP print showing a 0.3 percent annualised contraction and a rise in weekly jobless claims to 241,000. Despite that backdrop, Friday’s data helped restore some investor confidence.

Hopes for progress on U.S.-China trade talks also lent support to sentiment. Beijing said it was considering entering negotiations but insisted the U.S. must show "sincerity" and reverse unilateral tariffs before any talks can begin.

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Meanwhile, earnings season remained in full swing, with investors digesting mixed results from two of Wall Street’s biggest names. Apple shares slipped 4 percent after its services revenue fell short of expectations. The company also flagged a $900 million hit in the current quarter due to tariffs. Amazon, on the other hand, posted a solid first quarter but offered cautious guidance, citing trade policy uncertainties.

Earlier in the week, upbeat results from Meta Platforms and Microsoft had lifted tech stocks and reignited enthusiasm around artificial intelligence, helping the major indexes kick off May on a high note. The S&P 500 and Dow both notched eight-day winning streaks, while the Nasdaq surged 1.5 percent on Thursday, erasing its losses since early April.

With earnings in from nearly two-thirds of the S&P 500 companies, 76 percent have beaten analysts' estimates, according to FactSet.

For the week, the S&P 500 is tracking a 1.4 percent gain, while the Dow is up 1.6 percent and the Nasdaq leads with a 1.9 percent rise, setting the stage for a second consecutive week of gains for all three major averages.

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