Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession.

The S&P 500 jumped 1.5% Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20% above a low hit in October. It’s on the edge of entering a new bull market.

The rally built after a report showed unexpectedly strong hiring last month. At the same time, increases for workers’ pay slowed. That could mean the economy remains strong enough to avoid a recession without adding too much upward pressure on inflation.

On Friday:

The S&P 500 rose 61.35 points, or 1.5%, to 4,282.37.

The Dow Jones Industrial Average rose 701.19 points, or 2.1%, to 33,762.76.

The Nasdaq composite rose 139.78 points, or 1.1% to 13,240.77.

The Russell 2000 index of smaller companies rose 62.97 points, or 3.6%, to 1,830.91.

For the week:

The S&P 500 is up 76.92 points, or 1.8%.

The Dow is up 669.42 points, or 2%.

The Nasdaq is up 265.08 points, or 2%.

The Russell 2000 is up 57.88 points, or 3.3%.

For the year:

The S&P 500 is up 442.87 points, or 11.5%.

The Dow is up 615.51 points, or 1.9%.

The Nasdaq is up 2,774.28 points, or 26.5%.

The Russell 2000 is up 69.66 points, or 4%.