S&P 500 tops 1,600 as payrolls boost Wall Street

The S&P 500 and Dow industrials hit intraday record highs on Friday and the benchmark S&P traded above 1,600 after U.S. employment rose more than expected in April.

In addition, hiring was much stronger than previously thought in the prior two months, the Labor Department said, easing concerns that government spending cuts were dealing a blow to the economy.

The Dow Jones industrial average rose 135.27 points or 0.91 percent, to 14,966.85, the S&P 500 gained 16.01 points or 1 percent, to 1,613.6 and the Nasdaq Composite added 34.62 points or 1.04 percent, to 3,375.25.