The Dow climbed eight tenths of one percent, the S&P 500 added 1-point-1 percent and the Nasdaq rose 1 and one quarter percent.
U.S Labor Department data showed employers hired far more workers in March than expected and kept steadily lifting wages, suggesting the economy ended the first quarter on solid ground.
Money markets are now pricing in around two rate cuts this year, down from three a few weeks ago, according to LSEG.
CBIZ Chief Investment Officer Anna Rathbun called the economy resilient but worries about the continued move higher for stocks.
"When the market continues to go up as it has, it makes people like me very nervous because nothing goes up forever. And that also pushes up the valuation in terms of the price-to- earnings ratio and it remains very high by historical standards. Now the question then is, will the earnings environment be friendly going forward - and that's a big question mark."
Stocks on the move included Tesla which dropped more than three-and-a-half nearly four percent following a Reuters report that the electric carmaker had canceled its inexpensive car that was expected to drive its growth into a mass-market automaker.
And shares of Krispy Kreme added more than seven percent after broker Piper Sandler upgraded the donut maker's stock to "overweight" from "neutral".
