The Dow posted a record closing high on Friday and the Nasdaq ended with a more than 1% gain as a stronger-than-expected jobs report reassured investors who had worried the economy may be getting too weak.

The S&P 500 climbed 0.9% and got close to its all-time high set on Monday. The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite

Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.

The blue-chip Dow jumped 341.16 points, or 0.8%, to 42,352.75, eclipsing its previous high of 42,330.15 on Monday. The S&P 500 gained 0.9% and the Nasdaq gained more than 200 points, or 1.2%. All three indexes finished with weekly gains for the fourth straight week.

Stocks rallied after data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000 from economists polled by Dow Jones. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

Breakeven rates are a measure of what market participants expect average inflation to be over the next 5 or 10 years. As of Wednesday, the most recent day in which data is available from the St. Louis Fed, 5- and 10-year breakeven rates were respectively at 2.1% and 2.21%.

NEW YORK >> The Dow posted a record closing high today and the Nasdaq ended with a more than 1% gain as a stronger-than-expected jobs report reassured investors who had worried the economy may be getting too weak.