NEW YORK, New York - U.S. stocks surged on Friday on the debt ceiling resolution and a strong jobs report.

Nonfarm payrolls for May came in much higher than anticipated. An increase of 190,000 was expected. However, the number came in at 339,000. The U.S. has now recorded 29 consecutive months of job growth.

"The so-called Goldilocks has entered the house," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management told CNBC Friday. "Clearly, on the bullish side, there are signs that inflation is starting to wane, speculation that the Fed is going to move into pause mode, increasing the likelihood of a soft landing."

The Dow Jones industrials led the way, soaring 701.19 points or 2.12 percent to close Friday at 33,762.76.

The Standard and Poor's 500 increased 61.35 points or 1.45 percent to 4,282.37.

The Nasdaq Composite jumped 139.78 points or 1.07 percent to 13,240.77.

The Russell 2000 index ended at 1,830.91, demonstrating a substantial rise of 62.97 points or 3.56 percent.

The NYSE COMPOSITE (DJ) index closed at 15,345.19, showing an increase of 314.11 points or 2.09 percent.

The NYSE AMEX COMPOSITE INDEX finished at 4,037.54, rising by 92.40 points or 2.34 percent.

The CBOE Volatility Index, also known as the VIX, concluded at 14.59, declining by 1.06 points or 6.77 percent. The VIX measures market volatility and experienced a notable decrease during Friday's session.

"Today, the Bureau of Labor Statistics reported that the American economy added 339,000 jobs in the month of May, further confirmation that the economy continues its steady growth, and working families are benefiting from the economic policies of this Administration. The 3.7 percent unemployment rate in May remains within a low, narrow range that has remained consistent for more than a year, the longest period of sub-4 percent unemployment since the 1960s," U.S. Assistant Secretary of Labor for Public Affairs Julie McClain Downey said in a statement Friday.

"Last months record-high labor force participation rate for prime working-age women did not falter. As inflation moderates, 4.3 percent nominal annual wage growth translates to easing financial pressures on families."

"This is a strong and healthy report that squarely places the economy in a resilient period of steady growth, where jobs in 10 large sectors of the economy are above their pre-pandemic levels," McClain Downey added.

On foreign exchange markets Friday, currencies experienced mixed performances as they closed on a varied note. The commodity currencies rallied while the other majors suffered falls.

EUR/USD: The Euro against the US. dollar fell to 1.0708, a loss of 0.49 percent.

USD/JPY: The Japanese yen dived 0.84 percent to 139.95.

USD/CAD: The Canadian dollar, on the other hand, rose 0.19 percent to 1.3423.

GBP/USD: The British pound eased 0.59 percent to 1.2449.

USD/CHF: The U.S. dollar firmed 0.38 percent against the Swiss franc, which ended Friday around 0.9088.

AUD/USD: The Australian dollar was sharply higher, rising 0.62 percent to 0.6609.

NZD/USD: The New Zealand dollar edged down 0.15 percent to 0.6060.

Global stock markets matched their U.S. counterparts Friday, with most markets notching up significant gains, reflecting a positive sentiment among investors.

The FTSE 100 index (UK) in London finished at 7,607.28, a rise of 117.01 points or 1.56 percent.

In Germany, the DAX PERFORMANCE-INDEX ended at 16,051.23, recording a gain of 197.57 points or 1.25 percent.

The CAC 40 index (France) closed at 7,270.69 Friday, demonstrating an increase of 133.26 points or 1.87 percent.

The ESTX 50 PR.EUR (Eurozone) finished at 4,323.52, increasing by 65.91 points or 1.55 percent.

The Euronext 100 Index (Eurozone) concluded at 1,351.29, showing a rise of 22.99 points or 1.73 percent.

Belgium's BEL 20 index closed at 3,632.83, earning 80.91 points or 2.28 percent.

The MOEX Russia Index finished at 2,222.51, declining by 4.14 points or 0.19 percent.

In Asia, Japan's Nikkei 225 finished at 31,524.22, climbing by 376.21 points or 1.21 percent.

The HANG SENG INDEX in Hong Kong surged by 733.03 points or 4.02 percent to reach 18,949.94.

In China, the SSE Composite Index concluded at 3,230.07, displaying a rise of 25.43 points or 0.79 percent. The trading volume was 3.697 billion. The Shenzhen Index closed at 10,998.08, registering a gain of 162.18 points or 1.50 percent. The trading volume amounted to 202.308 million.

Australia's S&P/ASX 200 index ended at 7,145.10, rising by 34.30 points or 0.48 percent, while the Australian ALL ORDINARIES index concluded at 7,331.20, with a modest gain of 40.50 points or 0.56 percent.

Singapore's STI Index concluded at 3,166.30, with a modest gain of 7.50 points or 0.24 percent.

The S&P BSE SENSEX in India closed at 62,547.11, increasing by 118.57 points or 0.19 percent.

Indonesia's IDX COMPOSITE closed at 6,633.26, declining by 3.16 points or 0.05 percent.

Malaysia's FTSE Bursa Malaysia KLCI concluded at 1,381.26, declining by 1.75 points or 0.13 percent.

New Zealand's S&P/NZX 50 INDEX GROSS finished at 11,880.90, declining by 35.23 points or 0.30 percent.

South Korea's KOSPI Composite Index closed at 2,601.36, rising by 32.19 points or 1.25 percent Friday. The trading volume reached 569,620.

Taiwan's TSEC weighted index concluded at 16,706.91, with a gain of 194.26 points or 1.18 percent.

Elsewhere, the S&P/TSX Composite index in Canada concluded at 20,024.63, marking an impressive increase of 352.38 points or 1.79 percent. The trading volume stood at 232.22 million.

The Top 40 USD Net TRI Index (South Africa) closed at 3,967.23, surging by 97.00 points or 2.51 percent.

In Latin America, Brazil's IBOVESPA index closed at 112,590.35, surging by 2,025.70 points or 1.83 percent.

Mexico's IPC MEXICO index ended at 53,227.85, marking a rise of 503.82 points or 0.96 percent. The trading volume amounted to 223.672 million.

The S&P/CLX IPSA index (Chile) concluded at 5,058.88, remaining unchanged.

In Buenos Aires, Argentina, the Merval rose 240.75 points or 0.07 percent to 353,614.38 Friday.

In the Middle East, Israel's TA-125 index closed at 1,728.73, declining by 18.29 points or 1.05 percent.