(CNBC) A better-than-expected jobs report sent stocks soaring into record territory, relieving worst fears about the economy but still signaling that job growth has slowed.

The S&P 500 leaped more than 1 percent higher, piercing the psychological threshold of 1600 for the first time, and the Dowjumped above 15,000 for the first time, after just regaining the 14,000 level on Feb. 1.

Bonds sold off, with the 10-year yield rising above 1.7 percent. The dollar, initially higher, gave up gains as risk markets rallied. Copper was up 5.5 percent in a massive short covering rally.

  • Text smaller
  • Text bigger
Note: Read our discussion guidelines before commenting.