This story was updated at 4:20 p.m. EST.

U.S. stocks closed higher Friday, with the Dow Jones Industrial Average topping the psychologically significant 17,000 level for the first time since early January, as investors digested a surprise pop in U.S. job creation last month that bolsters arguments for increased borrowing rates before the end of the year.

“The strong jobs report increases the argument for the Fed to raise rates,” said Adam Sarhan, chief executive officer of Sarhan Capital. “What we’re seeing today is the market pausing to digest a strong rally.” 

After starting the session lower, the Dow Jones Industrial Average (INDEXDJX:.DJI) closed up 62.87 points, or 0.37 percent, to 17,006. The broader Standard & Poor's 500 index (INDEXSP:.INX) rose 6.51 points, or 0.33 percent, to 1,999, after topping 2,000 for the first time since Jan. 6. The Nasdaq composite (INDEXNASDAQ:.IXIC) edged up 9.6 points, or 0.2 percent, to 4,717.

The S&P and Dow have gained more than 2 percent for the week but are both still down more than 2 percent for the year.

Eight out of the 10 S&P 500 sectors closed in the green on Friday, led by materials and energy stocks. Health care and telecom shares were down slightly. E I Du Pont De Nemours And Co. (NYSE:DD), the science and technology company commonly known as DuPont, led Dow gains while home improvement retailer Home Depot Inc. (NYSE:HD) led declines.

Oil prices jumped early Friday afternoon after a widely read report on the number of active U.S. drilling rigs showed an 11 consecutive weekly decline. U.S. crude prices have been rising steadily over the past two weeks as investors bet on lower output and higher demand in the coming months.

U.S. West Texas Intermediate (WTI) gained 4.37 percent to $36.08 per barrel for April delivery on the New York Mercantile Exchange. Brent crude, the other major global benchmark, gained 4.8 percent to $38.85 for May delivery on the London ICE Futures Exchange. Brent touched its highest price since mid-December while WTI closed at its level since Jan. 6.

The benchmark U.S. 10-year Treasury edged up Friday from its previous day close, to 1.89 percent from 1.85 percent. The bond yield typically rises when investors are more confident about the markets and falls when concerns flare.

Gold, another so-called safe-harbor investment, gained 1 percent to $1,271.20 per troy ounce. Gold prices tend to rise as confidence in the markets falls. The price of the precious metal settled Thursday above $1,250 for the first time since Feb. 5, 2015.

Major global markets ended the last trading session of the week higher. Asian stocks were lifted on an upswing in commodities prices that also help lift European mining stocks.

China’s Shanghai Shenzhen CSI 300 Index of the mainland’s largest companies closed up 1.16 percent to 3,093 on the last trading day before the country’s 10-day annual National People's Congress is set to begin this weekend. The country’s top leaders are expected to make public their plan to tackle sluggish growth in the world’s second largest economy.

Hong Kong’s Hang Seng closed up 1.18 percent to 20,177. Japan’s Nikkei gained 0.32 percent to 17,015. Australia’s S&P/ASX 200 rose 0.2 percent to 5,090, while South Korea’s main Kospi Index edged down 0.1 percent to 1,956.

In Europe, the broad Stoxx Europe 600 index settling 0.64 percent higher. The Paris-based CAC 40 gained 0.92 percent to 4,457 while London’s FTSE rose 1.13 percent to 6,199 and Frankfurt’s DAX advanced 0.74 percent to 9,824.