(CNBC) U.S. stocks closed more than 1 percent higher Friday, more than recovering their post-Brexit losses, after a surprisingly large beat on the June jobs report headline figure.
"What's got us here right now is the pickup in the employment data is signs of hope we're in economic recovery," said Lance Roberts, chief investment strategist at Clarity Financial. "The question becomes, is this a one-month anomaly, or is this the start of a bounce in economic recovery? But stocks are responding in this vein."
Stocks extended gains in afternoon trade, with the S&P 500 briefly topping its record close of 2,130.82. Materials traded 2.5 percent higher to lead all 10 sectors higher. The S&P's all-time intraday high is 2134.72, touched May 20, 2015.
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