What goes up must come down -- and vice versa -- as was the case Friday on Wall Street. After a week of losses, U.S. stocks closed with a strong rally.

The Dow Jones Industrial Average gained more 546.64 points, or 1.65%. Led by a big day for Apple, the tech-heavy Nasdaq Composite saw the biggest gains of 2.25%. The S&P 500 gained 1.85% as all three indices snapped four-day losing streaks.

The surge came after economic turmoil had dominated financial news -- the Federal Reserve's 0.25% interest rate hike, the regional banking crisis, and the looming national debt ceiling -- but ended the week some good news.

Investors reacted favorably to Friday's data from the Bureau of Labor Statistics, which showed a surprising surge in employment. A tight labor market appears to be heating up with 253,000 jobs added in April.

The bounce also comes as the recent problems with regional banks appears to soften. PacWest, the latest bank under pressure, saw its stock rebound and other regional banks were follow suit.

Wall Street also appears to be coming to terms with the Fed's benchmark borrowing rate increase, which likely will be its last in the current cycle. However, the looming debt ceiling debate in Congress has many investors remaining cautious.