A better-than-expected employment report helped Wall Street on Friday to jump with the Dow Jones industrial average and S&P 500 recording new highs in 2009, signifying that economy is taking a U-turn.

The Dow Jones rose 1.2 percent or 114 points to close at 9,370.07. The Standard & Poor's 500 index soared 1.34 percent or 13.40 points to end at 1,010.48. The Nasdaq composite climbed 1.37 percent or 27.09 points to settle at 2,000.25.

The US Labor Department reported that employers hacked 247,000 jobs in July, down from revised 443,000 job-cuts in June, making the unemployment rate to dive to 9.4 percent from 9.5 percent in June.

It should be noted here that economists had projected an unemployment rate of 9.6 percent last month.

Boeing soared to $46.69, up 2.57 percent, DuPont closed at $32.83, up 1.14 percent.

US treasury prices plunged, lifting the yield on the benchmark 10-year note to 3.85 percent on Thursday. Yields and prices of bonds move in the reverse direction.

Crude oil for Sep. delivery took a plunge of $1.01 to $70.93 per barrel on NYME. COMEX gold for Dec. delivery ended at $959.50 an ounce, down $3.40.

Patrick O'Hare of Briefing. com, said, the report "brought positive surprises all around."