Stocks could end Friday with another record after a strong jobs report

Stocks are rallying Friday, with the S&P 500 and the Nasdaq Composite both on track for another record day.

Both indexes opened at all-time intraday highs, after a better-than-expected jobs report boosted investor sentiment.

It would be the S&P’s third record close of the week. The Nasdaq stands to surpass its July high. The indexes both traded 0.8% higher around midday.

The Dow is rallying too, but it is further away from its record high. The Dow was up 230 points, or 0.9%, Friday.

“Solid October jobs data shows the engine of the US economy is humming along despite elevated global uncertainty, a good sign for future growth as improving hiring conditions fuel consumer spending and confidence,” said Ryan Detrick, Senior Market Strategist for LPL Financial.

All three indexes are on track for an increase this week. For the S&P and the Nasdaq it stands to be the fifth-straight week of gains.

Investors shrugged off another round of weak manufacturing data from the Institute of Supply Management, which showed the third monthly contraction in a row.