Wall Street signaled relief Friday following Congress' passage of a bill to suspend the debt ceiling through 2024 and avert an economy-cratering default. Investors received another jolt with a better-than-expected jobs report.

In a significant surge, the Dow Jones Industrial Average experienced an uptick of 701 points, for more than a 2% gain. The S&P 500 displayed a notable climb of 1.45%, while the Nasdaq Composite achieved a commendable advancement of 1.07% to its highest peak since April 2022.

The surge comes after a weeks-long battle between President Joe Biden and Congress, with hardline Republicans and left-wing Democrats voting against the bill. But the fear of a catastrophic default was enough to draw bipartisan consensus to raise the $31.4 trillion debt ceiling.

"No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people," Biden said in a statement.

The Fiscal Responsibility Act now awaits Biden's signature after it narrowly cleared the 60-vote threshold in the Senate by a 63-36 vote. The House passed the bill by a 314-117 on Wednesday despite a push from both wings to derail the agreement. Biden will address the nation at 7 p.m. ET Friday.

Friday's rally was also prompted by new data showing the US economy added 339,000 jobs in May.