Stocks are closing at record highs on Wall Street Friday as a stunningly disappointing report on the nation's job market signaled to investors that interest rates will stay low.

The S&P 500 rose 0.7%, above its record closing level set at the end of last month.

Voices up and down Wall Street acknowledged that Friday morning's jobs report was a massive shock, and it jolted the bond market. But many still expect the economy to keep strengthening.

Stocks that have benefited most from low rates, including high-growth tech companies, helped drive the gains.